Successful people know that preserving wealth is sometimes more difficult than creating it. The risk exposure of your Union County, 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 Union County, 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 Union County, NJ, contact the lawyers at Willis Law Group, Call (877) 296-2575 to learn more.
Estate planning for blended families is key to a smooth inheritance process, especially since probate rules and intestate succession law do not treat step and biological children the same when it comes to inheriting.
As the U.S. population ages and life expectancies increase, the need for long-term care is becoming an important consideration for many individuals and families.
Trusts can offer many benefits, including allowing assets to pass directly to beneficiaries and charitable organizations without going through probate, minimizing taxes, and protecting your legacy from creditors.
