In most states, spouses can purchase and own property separately from one another. However, in community property states, if one spouse purchases property, it is the property of both spouses. This has implications for both estate and tax planning.
NJ ASSET PROTECTION
ATTORNEYS CAN HELP:
- Evaluate legal risks your assets are exposed to
- Design and implement a comprehensive asset protection plan
- Create a strategy to protect your assets for multiple generations
Successful people know that preserving wealth is sometimes more difficult than creating it. The risk exposure of your Morristown, NJ assets is largely determined by financial and managerial decisions, but it can also be affected by legal risks you and your loved ones might be exposed to.
Originally developed for professionals, business owners, and investors, asset protection services are now just as important for ordinary people seeking to preserve the wealth accumulated during their productive life. Widespread use
of personal guaranties by banks and creditors has created overwhelming personal exposure for most business owners and investors in Morristown, NJ. Several factors have increased the need for proper asset protection planning, including professional and personal liability, frequent abuses of the legal system, and aggressive tactics employed by unscrupulous creditors and other third parties.
A proper asset protection analysis will evaluate present solvency issues and identify the best legal structure for allocating and holding your assets, using multiple tools and techniques available under law. Unfortunately, there are common misconceptions about the security of home equity, 401k, IRA, and 529 plans, insurance and annuity products, trusts, joint checking accounts, and various other assets and investment vehicles. For that reason, it is crucial to understand the risks associated with holding or transferring your assets without proper planning.
While it is important to consider which assets can be placed beyond the reach of creditors, it is also critical to understand whether the assets will be afforded the same protections when transferred to your beneficiaries as a part of your estate.
At Willis Law Group LLC, our attorneys will assess the risks and help you with the development and implementation of a comprehensive asset protection plan. We will show you how to protect your business, your property and your personal assets for you and your loved ones.
For more information on our Asset Protection services for residents of Morristown, NJ, contact the lawyers at Willis Law Group, Call (877) 296-2575 to learn more.