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Basic estate planning focuses on efficiently managing your affairs during incapacity, avoiding probate, minimizing taxes and leaving an inheritance for your beneficiaries. But what if you have nothing to leave for your family because it was taken in a lawsuit? Through advanced estate planning, asset protection can help you keep your family’s inheritance intact. Let our Reno asset protection attorneys help.
What is asset protection?
One form of asset protection is the act of taking nonexempt property and making it exempt. When an asset is exempt it cannot be taken to settle a lawsuit, either for negligence or a debt. You can protect your assets now for your sake, and have that protection continue throughout the lives of your spouse, and children.
Let our Reno asset protection attorneys help you get started.
The first step of asset protection is realizing what needs to be protected. When you create an estate plan, you must calculate your net worth. This is done by assessing the value of your possessions and subtracting all debts. Once your net worth is calculated, determine what you will need to retire and what will be left over as an inheritance. This will show what needs to be protected
Next, evaluate which assets are exempt from creditor collection. Your Reno asset protection attorneys can help you determine the exemption status for each asset and advise the best form of protection. You must, by law, protect your assets before there is any possibility of a creditor’s claim or lawsuit. If you attempt to protect possessions after you are already legally entangled, a judge could reverse your protection status.
Common ways to protect assets.
There are many options for asset protection. For retirement funds, speak with your Reno asset protection attorneys about which accounts are already exempt and reposition funds to protect those that are not exempt. To safeguard inheritances, irrevocable trusts are a great form of asset protection. They offer protection from your creditors and the creditors of your beneficiaries.
Protect assets with lifetime trusts
Estate planning is something that should be taken seriously by adults of all ages, but when you start a family and your loved ones are depending on you an estate plan becomes an absolute must. This sense of responsibility is something that you feel all of your life, and it persists even after your children are grown. And when they are indeed grown and they start their own families, grandchildren will inevitably arrive and this adds another dimension to your sense of responsibility as an elder family member.