Protecting your assets is the goal of effective Estate Planning. Not only can these plans determine where your assets will go after your eventual passing, but they can also serve as an effective way to distribute property before this time and even result in financial benefits for you.
All people need an Asset Protection plan. This can help to provide you peace of mind for current times as well as ensure that one’s assets make their proper moves in the future.
Contact a Woodstock Asset Protection lawyer at our firm today for help. Our dedicated attorneys at Nelson Elder Care Law can help you identify your needs, take stock of your property, and form plans that protect that property now and in the future.
The first step in Asset Protection involves understanding your assets. For most people, this includes physical property, cash assets, and real estate. However, property may also include pensions, life insurance benefits, and business assets. Our Asset Protection attorneys in Woodstock can work with you to help you take stock of your assets as the first step in providing protection for them.
Once we understand your assets, we can work to create the legal tools that protect them. Effective Asset Protection often encompasses a variety of testamentary documents. At the most basic level, a Will can determine what happens to your assets after you pass away. Wills are a vital part of any Asset Protection plan.
More flexible options may be available. For example, a Trust can function as a way to transfer property to another at any time. This can bring both immediate financial benefits as well as allow for a tax-free transfer to another party. A Woodstock Asset Protection attorney at our firm can help you draft these documents in a way that meets the requirements under the Official Code of Georgia § 53-12-20.
When most people imagine protecting their assets, they are contemplating what will happen upon their death. While creating Wills and Trusts that take effect after you pass away is certainly a key part of this process, that is not all Estate Planning can do in terms of protecting your assets.
Asset Protection plans can also play a major role in protecting your property now. Something as simple as recognizing potential vulnerability in case of a lawsuit can encourage you to obtain more insurance coverage. Placing property in a Trust can limit your tax liability. In fact, creative Trust creation could also help to increase the chances of obtaining government benefits, such as Medicaid, in the future. Talking with our local Asset Protection lawyers can help you better understand the immediate benefits that these plans could bring.
Any comprehensive Estate Plan should include ways to protect your assets. This protection is important not just for the present but also for the future. A combination of Wills, Trusts, and other testamentary documents can help you to protect your finances and property, as well as ensure they are properly distributed upon your death.
Reach out to a Woodstock Asset Protection lawyer at our firm today. Our team at Nelson Elder Care Law is ready to listen to your concerns and formulate a plan that can provide protection for years into the future.
