Asset Protection Planning

A critical part of estate planning for high net worth families includes the controlled disposition of wealth in a way that minimizes or eliminates the exposure of your heirs to death taxes, to a failed marriage or to lawsuits. Anthony M. Vizzoni, founder and sole member of Vizzoni Law Firm, L.L.C., works with clients to design estate plans that provide asset protection as part of their portfolio of benefits.

With an office in Bridgewater, New Jersey, Vizzoni Law Firm, L.L.C., serves Hunterdon, Essex, Somerset, Union and Middlesex counties.

How To Legally Protect Your Estate Assets

What is an asset protection plan? In estate planning, it is generally a collection of legal documents you set up to secure your wealth from potential threats and liabilities. Here are some of the tools Anthony most frequently employs for his clients:

• Delaware trusts: This legal instrument provides favorable tax treatment and favorable asset protection treatment by using perpetual trusts commonly known as dynasty trusts.
• Special needs trusts: This type of trust can hold assets for a disabled or otherwise vulnerable adult who needs to preserve his or her qualification for government entitlements.
• Additional types of trusts: Other types of trusts, including irrevocable living trusts, can address asset protection needs.
• Limited liability companies (LLCs) or family limited partnerships: Forming a family LLC or a family LLP can separate these company assets from personal assets and protect the former from lawsuits or creditors, including spouses.

Much of what Anthony will recommend to you will vary based upon your individual circumstances. He is able to blend more than 30 years of experience as a trusts and estates attorney with his training in tax law and finance to collaborate with you on a plan that will maximize the assets you will be able to retain and distribute to the next generation of your family and beyond.

What Type Of Trust Do You Need To Protect Your Assets?

The trust you choose depends on your specific circumstances, financial situation and what you hope to achieve. There is no one-size-fits-all solution. For example, a special needs trust can be crucial for holding assets for a vulnerable loved one, ensuring their financial security as well as maintaining their eligibility for government benefits. On the other hand, an irrevocable living trust might be a better fit if your primary concern is shielding assets from future creditors.

A properly structured trust can also offer a layer of protection for your assets against a lawsuit. When you place assets into an irrevocable trust, you legally transfer ownership of those assets to the trust itself. This can make your assets much more difficult for a creditor or a plaintiff in a lawsuit to seize.

A knowledgeable lawyer can help you determine the right type of trust and guide you through the process of properly establishing it. During your consultation, Anthony will listen to your concerns and goals and recommend a plan of action that can legally protect your assets and provide for your loved ones.

Secure Your Loved Ones’ Future: Schedule Your Consultation Today

Protecting your assets is a critical step in preserving the legacy you want to leave for your family. Attorney Anthony M. Vizzoni can help you plan a legal strategy that secures your wealth for future generations. Call the firm at 908-304-0499 or fill out the online intake form to get started.