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Posts tagged "Asset Protection Planning"

Why irrevocable trusts are an important asset protection tool

Irrevocable trusts are those that generally cannot be modified once they've been formed and funded. This means that even the grantor, or the person who sets it up, generally can't ask to have the property that they've placed into the trust back. That individual can't manage the assets contained in the trust either. Irrevocable trusts continue to be popular among individuals who are looking to protect their assets as part of their estate plan.

Don't skimp on your disability insurance

Many workers are allowed to purchase disability insurance when renewing their employment benefits each year. Others have the option of purchasing such coverage on their own in the marketplace. Few individuals take advantage of the opportunity to purchase disability insurance though. Many individuals don't take out this coverage because they don't think that they'll get hurt. They don't realize that disability insurance is a key way to protect their assets.

Why is minimizing your lawsuit risk key to estate planning?

When most individuals hear the terminology "asset protection," they often think about making sure that their home, car or tangible property are well-maintained so that they retain their value across the years. Few individuals think about how a lawsuit filed against them could put their assets at risk. Protecting yourself against a potential lawsuit is a critical component of the estate planning process.

Asset protection benefits associated with Delaware trusts

Whether you're just getting around to planning your estate or you're reviewing the existing plan that you have in place, you likely are well aware of how important asset protection is to this process. Setting up a trust in Delaware carries with it many different benefits, especially when it comes to maximizing your wealth or preserving your assets.

Irrevocable trusts can be helpful in certain cases

One of the reasons that individuals set up irrevocable trusts is to make sure that their wishes will be upheld once they die. While a will can help you accomplish this, it requires the involvement of the probate court. Irrevocable and other types of trusts generally do not.

Taking out disability insurance is key to protecting your assets

If you work a full-time job in Middlesex, then you likely receive annual visits from a New Jersey insurance representative. They probably ask if you wish to make changes to your coverage or beneficiary designations. They probably offer you long-term disability insurance. It's an important way to protect your assets and a critical part of the estate planning process.

When is asset protection important for people in New Jersey?

If you have worked hard during a career and earned everything you have, it is almost a reflex to protect it for yourself in later life as well as for your children. When it applies to the law, there are various laws in different jurisdictions that help people protect their assets with trusts and other instruments.

Trusts and insurance are key asset protection planning approaches

If you were to ask most Americans what estate planning entails, they'd likely say that it involves drafting a will, a power of attorney or maybe setting up a trust or something else along those lines. If asked to give a reason why they need each of these, they'd likely tell you to designate their assets for their heirs after they've died. What they may not know is that these are instruments, much like insurance, that can also help preserve an asset's value.

Protecting children via trust when getting remarried

It's not out of the ordinary to get married two times in life. It's also not out of the ordinary to have children from your first marriage move in with you and your new spouse in Middlesex, New Jersey. What many parents need to realize is that they have to protect their children in their second marriage. This is done by updating the estate plan and creating a trust.

How can setting up a Delaware trust protect my assets?

The estate planning process is to be able to pass on your legacy to future generations. One key way to do that is by preserving the value of the assets that you've amassed during your lifetime. While many think that the best way to do this is by placing their funds in an offshore bank account, setting up a Delaware trust can afford you similar benefits and peace of mind.

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