Ohio Asset Protection: Take A Sophisticated Approach With The Right Attorney
Last updated on June 10, 2024
You have worked hard for everything you have. Now, you need to protect it. Asset protection involves strategies and legal tools designed to safeguard one’s wealth from potential threats such as creditors, lawsuits or other claims. The goal is to minimize risk while maximizing the ability to retain and control one’s assets.
The attorneys at Cavitch Familo & Durkin Co., L.P.A., are dedicated to their clients, and our firm has been part of the Cleveland community for more than 100 years. We offer effective, reliable legal guidance in numerous areas associated with asset protection and estate planning.
Strategies To Protect Your Assets In The Estate Planning Process
Incorporating asset protection strategies into estate planning safeguards both your future and your legacy for your beneficiaries and heirs. Strategies include:
- Domestic asset protection trusts and legacy trusts, which guard against future claims from creditors
- Medicaid planning trusts, which can help qualify an ill spouse for Medicaid while preserving an income stream for the healthy spouse and their estate
- Lifetime qualified terminable interest property (QTIP) trusts, which leverage the gift tax marital deduction to provide for a surviving spouse and reduce overall estate taxes
- Spousal lifetime access trusts (SLAT), which can permit each spouse to access their assets while removing them from the taxable estate
- Irrevocable life insurance trusts (ILIT), which can help protect insurance proceeds and are useful for estate planning involving closely held businesses, real estate investments and farms
- Standalone retirement trusts, which can protect retirement account proceeds from your beneficiaries’ creditors after your death
- Discretionary trusts, which can be used to protect inheritances for a beneficiary who struggles with money management, has marital woes or is in a high-risk profession
These are just a few of the available options that an experienced lawyer can help you assess.
Take Steps To Protect What You Have Before It Is Too Late
Effective asset protection planning is proactive, meaning it must be implemented before any claims or threats arise – so act now. Call 216-621-7860 or contact us online today and let our lawyers help you understand your options.