Asset & Wealth Protection Attorney in Daphne, AL
A comprehensive estate plan should consider all variables. Not only should it pass assets to chosen beneficiaries, it should preserve them so that your beneficiaries get more. One of the ways to do this is through limiting your tax liability through asset structuring. These measures of wealth preservation should be effective. It is important to discuss your situation with an attorney. With the skillful help of a lawyer, you can develop a plan tailored to your needs, preserving your wealth and protecting the future of your beneficiaries. Contact Stone Crosby, P.C. to discuss your legal matter.
What is the difference between estate planning and asset preservation?
Even though estate planning and asset preservation are intertwined, there is a distinct difference between asset preservation and estate planning. Estate planning is when a person uses testamentary documents to declare their wishes for their assets, namely who should receive them and how they should receive them. Asset preservation protects those assets, mitigating their exposure to legal issues, ensuring their availability to those left behind.
How to structure your assets and protect your wealth
Stated above, effective asset structuring is the key to a seamless and efficient transfer of wealth to beneficiaries and future generations. There are numerous ways to preserve assets, including the strategic use of:
- Wills
- Trusts
- Foreign annuities
- Family limited partnerships
- Private placement insurance
- Offshore trusts
- Other practical tools
- Minimizing financial exposure
Asset protection strategies must occur before issues arise. One of the most important aspects of wealth preservation is minimizing your financial exposure if legal issues become a reality. Some instances when a comprehensive asset protection plan is needed include:
- Failed business ventures
- Debt claims
- Divorce
- Lawsuits
With that in mind, an experienced attorney’s thoughtful design and foresight is a critical element. It is important to consider all variables to that considers things like your professional status, insurance coverage, asset holdings, family status, states estate tax laws, and more. Our goal is to develop safeguards to protect your estate and prepare your assets for any situation.
Contact Stone Crosby, P.C.
Asset preservation works to secure an estate for beneficiaries. In doing so, it is important to consider all future variables that could financially impact the estate. With the help of our firm, you can rest assured that your estate is set up in a way that preserves your assets and protects your beneficiaries’ futures. Stone Crosby, P.C. has decades of experience serving Alabama as one of the oldest law firms in the state. We are honored to be a legal resource to clients in every corner. Our firm’s estate planning team is ready to meet you need and exceed your expectations. Contact Stone Crosby, P.C. for a consultation to discuss your estate.
