If you are worried about creditors or others coming after your assets, you should consult with a Washtenaw County trusts attorney. A lawyer from our firm can help you protect those assets and pass them on to your loved ones. Every estate is different, so we’ll take the time to work with you to figure out what kinds of tools can benefit you and help you protect everything that you have worked for.
What Are Some Tools That Can Protect Me From Creditors?
There are a variety of tools that can be used to protect assets from creditors or frivolous litigation. Trusts are a popular option. Your assets can be placed in a trust managed by a trustee, and money can be doled out at their discretion. Depending on how the trust is set up, it can be seen as a separate entity from you, and people who want money from you cannot access the money in that trust.
A limited liability company or family limited partnership can also be used to protect assets. You would transfer your money to these entities and then you could distribute that money to yourself and other family members by giving out “shares.” An LLC or FLP can both keep money safe from personal creditors because they are separate entities that offer unique protections of their own.
Are My Retirement Accounts Protected From Creditors?
If you are concerned about your retirement accounts, you’ll be happy to know that many of them have protections already. If they comply with ERISA, also known as the Employee Retirement Income Security Act of 1974, they should be protected from things like bankruptcy or litigation. Retirement accounts that are not considered ERISA accounts still have protections, often up to around $1 million. It’s important to review the terms of your accounts and see if an estate plan might offer better options for protecting those assets.
Do I Need to Talk to an Estate Planning Lawyer?
Setting up an estate plan is always tough work, even if you do not think that you have a particularly large amount of assets to protect. There are all sorts of rules about compliance and there are things that must be done properly if you want parts of your estate plan to be legally binding. Missing any crucial steps can result in issues after you pass away and result in your family spending time in probate court or arguing over assets.
Schedule a Consultation
If you want to learn more about how an estate plan can protect you and your assets, contact Collis, Griffor & Hendra. We can schedule a consultation and tell you more about what our experienced estate planning lawyers can do to assist you.
