What is Asset Protection Planning?
Key Question To Ask Yourself- Does this action help you protect your assets?
Why? You have worked hard for your wealth. When considering how to leave wealth to others and how to use wealth in a long-term care situation, there are opportunities to:
- Maximize the wealth passing to others
- Minimize the risk of loss of that wealth.
Protecting Assets in Estate Plans
Risks to inherited wealth include taxes, a future divorce of a beneficiary, business failure, negative influences in a beneficiaries’ life, healthcare costs, lack of financial maturity, and knowledge. Using trusts, our asset protection attorneys will create an estate plan that will maximize the inheritance you leave to your beneficiaries, and minimize its disappearance.
Protecting Assets in Elder Law Plans
Asset Protection Planning is sometimes synonymous with Elder Law. Elder Law is helping you devise a plan to protect your assets from the catastrophic cost of long-term care. Elder law planning moves beyond documents into Life Care Planning – the support families need with aging issues. We title the game plan we devise for you after our initial consultation, an “Asset Protection Plan,” because that speaks to the purpose of why you have sought our professional advice and counsel.
Protecting Assets for Special Needs Beneficiaries
We empower families to leave assets to disabled beneficiaries, so they are not deemed “Countable Assets” in determining whether the disabled individual qualifies for governmental benefits. This asset protection planning provides the safety net for the disabled beneficiary by having additional resources to supplement what government resources will pay for.
Protecting Assets from Creditors
Asset Protection Planning can also include protecting your wealth from your unknown future creditors. This can be accomplished through Domestic Asset Protection Trusts in certain other states.
Ask an Asset Protection Attorney
Wealth Preservation Services
Porzio’s Wealth Preservation attorneys serve New Jersey families with offices in Morristown NJ, Princeton NJ, and New York City. We provide legal counsel on Estate Planning, Elder Law, Asset Protection Planning, Special Needs Planning, Wills and Trusts, Powers of Attorney, Health Care Powers, Living Wills, Probate, Estate Administration, Estate and Trust Litigation, Guardianship, and Tax Planning to families in Bergen County, Essex County, Hudson County, Hunterdon County, Mercer County, Middlesex County, Monmouth County, Passaic County, Somerset County, Sussex County, Union County and Warren County.