Unless you take steps to protect them, most assets are not protected in a lawsuit. One of the few exceptions to this is your employer-sponsored IRA, 401(k), or another retirement account. At Bratton Estate and Elder Care Attorneys, our lawyers recommend putting an asset protection plan in place before you need it. By taking the right steps today, you will protect your family’s financial health tomorrow.
Understanding Asset-Protection Trusts
If your family has significant assets, or if you are in a profession that has an increased risk of lawsuits, it pays to put an asset protection plan in place before you face allegations in civil court. This will give you peace of mind about your family’s financial future while you take care of the legal issues. Our asset-protection plans often center on asset-protection trusts.
Asset-protection trusts protect your money and real estate by putting them in an irrevocable trust. These trusts:
- Remove your assets from your direct control
- Have a trustee you name who oversees the distribution of funds
- Cannot be altered or revoked
Because the distributions of these trusts only occur at the order of the trustee, the trustee can refuse to pay even if there is a legal judgment and the court orders you to pay out to the other party. This is a powerful way to protect your assets if you are sued.
Asset-protection trusts can hold a wide variety of assets, including cash, real estate, stocks, and more. We can help you decide which assets to place in the trust and how doing so may change the way you deal with these assets in the future.
The Bratton Estate and Elder Care Attorneys Team Is Here to Help
At Bratton Estate and Elder Care Attorneys, our attorneys handle every case with compassion and provide the advocacy your family needs.
Before we begin creating a legal plan, we get to know you and your family, understanding your needs, preferences, and priorities. This allows us to create a custom plan that meets your unique needs.
Let our team listen to your preferences and explain your options. We will help you understand asset protection plans and create the plan that works best for your family. We do not offer one-size-fits-all plans. Every asset-protection plan is as unique as your family and your needs.
Other Options to Protect Your Assets
In addition to creating an asset-protection trust, we may also be able to implement other legal tools to reduce the risk of putting your assets in jeopardy during a lawsuit. We know how New Jersey laws work inside and out. We can create an LLC or S corporation or take other steps to limit your personal liability during a business lawsuit.
We also offer advice and guidance on actions you may be able to take to protect your assets in a lawsuit. For example, taking out a home equity line of credit might prevent your equity from appearing in a search of assets.
Act Quickly Before Asset Protection Becomes Necessary
When it comes to asset protection, it is paramount that you act as early as possible. You must have your asset protection plan in place before anyone raises questions or makes allegations against you. This is especially important for those in professions where lawsuits are common, such as medicine, dentistry, real estate, and architecture.
If you do not plan ahead, the party who files a lawsuit against you may have access to your assets even if you created and funded an asset-protection trust before they officially filed legal action.
Reach out to our team today about your New Jersey asset-protection plan. Having a plan in place is the best way to protect your assets in a lawsuit and to give you peace of mind about your family’s financial future.
Call the Bratton Estate and Elder Care Attorneys Today
At Bratton Estate and Elder Care Attorneys, our team is eager to answer your questions about New Jersey asset protection. Whether you worry about creditors, negligence lawsuits, or malpractice claims, we will put a plan in place that meets your needs and protects your assets.
Our attorneys will meet with your family to understand your priorities and preferences, getting to know you before we offer specific legal advice or take any action. Let us go to work for you today. Call us at 856-857-6007 to get started.