Because the value of your estate can be adversely impacted by estate taxes, medical emergencies, and creditors’ claims, protecting your assets is essential. That’s where Shaw & Nelson, PLLC can assist you. Our firm provides advice on asset protection as part of a comprehensive estate planning strategy.
You can depend on us to take the stress out of the estate planning process with trustworthy advice and guidance. When you meet with us, we will tailor an asset protection strategy to your needs and help you preserve your legacy. We serve clients throughout Cincinnati and Ohio. Contact our Louisville or Cincinnati office today to get started with an experienced asset protection attorney.
Why Asset Protection Matters
Despite the fact estate planning is crucial for protecting your assets, a recent Gallup survey found less than half of American adults, 46 percent, have a will in place. This cornerstone estate planning document determines how your assets will be managed and distributed after you pass, appoints an executor to administer your estate, and designates beneficiaries to receive the estate assets.
But estate planning is about more than deciding who gets what after you’re gone; it’s about preparing for your financial future. By incorporating asset protection into your estate plan, you can mitigate the potential risks to your assets and preserve the value of your estate.
Your Estate Assets: Identifying the Risks
Asset protection starts by identifying the risks while you are accumulating them, as well as potential risks after you die. In other words, you must take steps to protect your assets now and in the future. Potential risks to your estate assets include:
- Damage and theft
- Unexpected medical expenses
- Divorce settlements (e.g. property division, spousal support, child support)
- Bankruptcy
- Creditors’ claims
- Estate taxes
- Loved ones with special needs
- Irresponsible heirs
This is where the experienced asset protection attorneys at Shaw & Nelson step in. We will help you understand the risks to your assets and create a plan to protect your family’s financial future.
What Type of Asset Protection Tools Do I Need?
No two estates are the same, and everyone has unique circumstances. But many of us face the same or similar risks. Let’s face it: anyone can suffer a severe illness or injury unexpectedly, while property may be at risk from fires, floods, and other catastrophes. Several asset protection tools are available:
Insurance Coverage
If you own a home or have business interests, you must have adequate property insurance. Automobile and homeowner’s insurance will protect your property from damage and premises liability, while business owners should at least have general liability insurance to protect themselves against lawsuits, business interruption, and other risks.
Trusts
A will is an essential estate planning document, but it must be probated, which can be lengthy and time-consuming for high-value estates. While having a will is a good start, many individuals and families can benefit from establishing a trust-based estate plan. Generally, there are two types of trusts – revocable living trusts and irrevocable trusts:
- A revocable living trust takes ownership of your property but allows you to continue managing it while you are alive. The main purpose of this type of trust is to avoid probate since you no longer legally own the assets. A revocable trust also serves as an effective incapacity planning tool because you appoint a trustee to manage the assets if you suffer an incapacitating illness or injury.
- An irrevocable trust cannot be revoked, amended, or modified. There are many different types of irrevocable trusts to achieve objectives such as providing for a loved one with special needs, incapacity planning, avoiding estate taxes, or leaving a charitable legacy.
By working with our capable trusts and estate lawyers, you can design a trust-based estate plan that best protects your assets.
Powers of Attorney
A comprehensive estate plan will include the following powers of attorney:
- Durable power of attorney appointing a trusted person – spouse, close relative, or friend – to act as your agent to manage your property and finances should you become incapacitated.
- Advanced healthcare directive naming a representative to make medical decisions on your behalf when cannot communicate your healthcare preferences.
By creating powers of attorney, your assets and well-being will be protected in the event of a medical emergency.
Why Shaw & Nelson?
Our firm provides clients with high-quality, creative, and solution-oriented legal solutions to asset protection. When you partner with us, you can expect to receive informed representation and personalized attention. We will help you understand the present and future risks to your estate assets and tailor a strategy to your needs and objectives. Above all, we work to build lasting professional relationships and will provide an exceptional client experience throughout your estate planning journey.
Talk To An Experienced Cincinnati Asset Protection Attorney Today!
Protecting your assets is the best way to preserve the value of your estate and legacy. Let Shaw & Nelson show you the way. Call us today for a consultation.