Asset Protection – What does it mean?

Asset protection planning involves reviewing your assets, liabilities, risks and goals to determine the best plan to protect your assets from future creditors. The tools to implement an asset protection plan include a mix of business and estate planning tools.

Who needs it, when should I consider contacting Mr. Herrick

Anyone who has assets that they do not want to lose to future creditors should have an asset protection plan that is appropriate for their net worth, goals, fears and risks. Certain jobs or businesses involve more risks than others. The more likely you or your business will face a lawsuit, the greater the need for you to implement an asset protection plan.

What are the benefits of asset protection planning?

    • Protecting your assets from creditors

-A car or other type of accident, a medical emergency or economic disaster (loss of a job or failure of a business) can easily make you the target of a lawsuit and put your assets at risk.

    • Reducing the risk of being sued

-If there are no assets to go after, it is less likely that a creditor will sue and less likely that a lawyer will be interested in representing that creditor in such a lawsuit.

    • Protection for assets not covered by insurance

-While you may have insurance, insurance does not cover all situations.

    • Protection from liability that exceeds your insurance limits

-While you may have insurance, insurance has limits as to how much coverage it will provide.

    • Providing peace of mind

-Nobody wants to work a lifetime accumulating assets and/or building up a successful business only to see it all disappear in a blink of an eye. Living in fear of lawsuits or a failed economy creates stress that a good asset protection plan can free you of.

Exploitation of Adults

Exploitation of adults may have different indicators and various types of exploitation.

Drafting Wills

Minnesota Law allows persons 18 years and older with a sound mind to make or execute a will.

Living Wills

Living Will is a document that gives your loved ones and medical providers guidance to make medical and health care decisions for you.

Estate Planning

Estate planning helps you manage and preserve your assets while you’re alive.

Estate Tax Issues

Minnesota imposes a tax on the estates of individuals who are residents of the estate when they die.

Power of Attorney

A power of attorney is written permission for someone to take care of property or money matters for you.

Trusts

Putting assets in trust can enable the trust and its assets to pass directly to heirs without the publicity and cost of probate.

Transfer on Death Deeds

Minnesota allows the use of Transfer on Death Deeds as a probate avoidance technique for real property titles.

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