It’s no secret that life can be unpredictable. As such, doing what you can to minimize the risk of something happening and jeopardizing your hard-earned assets is critical. That’s why taking the time to create an estate plan to help protect your family and property following your passing is essential. However, you may not know you can also create plans to protect your estate from potential creditors. If you’re unsure why this is necessary or what options you have for this matter, you’ll want to keep reading. The following blog explores why you need a Medina County, Ohio asset protection lawyer to help you through these complex issues.
Why Might I Need to Protect My Estate?
If you have an established estate plan like a Will, you may believe your assets are protected. While this can help ensure your loved ones receive the assets they deserve, it does not protect your estate in the event you are the center of a creditor lawsuit. As such, taking the time to protect yourself and your assets can help provide peace of mind that your property and Beneficiaries are cared for.
When you are the center of a lawsuit for a debt or going through a divorce, a creditor may be within their rights to take your home, money, or other property. As such, shielding your assets is critical.
What Options Do I Have?
If you’re interested in protecting your assets from a potential creditor lawsuit, understanding what options you have is critical. Generally, most people opt to establish a Trust. However, there are different kinds of Trust, so understanding the differences is necessary. If you set up a Revocable Trust, this allows you to make changes as necessary. However, because you are still technically in control of the assets, you’ll find that your assets are still subject to seizure by creditors.
As such, establishing an Irrevocable Trust may be in your best interest. This allows you to transfer assets out of your name and into the ownership of the Trust. Because you technically no longer own the assets, the property in the Trust will be protected from creditors. However, you should understand that once you transfer the assets from your ownership into the Trust, you cannot alter or change the terms.
How Can an Attorney Help?
When you’re looking to protect your assets, ensuring you connect with an experienced attorney is in your best interest. As such, it’s necessary to understand that trying to navigate this process on your own is incredibly complex. Making an error while trying to protect the assets can invalidate your plan, putting your assets at risk. That’s why it’s imperative to connect with an experienced attorney.
At Krause Law, our dedicated legal team will do everything possible to help you through these complex matters. Connect with us today to discuss your concerns so our team can provide you with advice to protect your estate.
