Need Legal Help to Protect Your Assets?
Contact Our Massachusetts Asset Protection Lawyer
You have worked hard for what you have so you should protect your legacy for your family and loved one. Unfortunately, anyone may be the subject of a lawsuit, at any time. Lawsuits may arise from medical debt, foreclosure, accidents, credit card debt and more. These actions can bankrupt a family’s future. If you want to ensure that your assets are safe from creditor seizure in the future, then the best thing to do is consult with an asset protection attorney. Attorney Brandon L. Campbell can help you build an asset protection plan that legally secures your family’s future from creditors.
Asset protection is the process of using legal techniques and strategies to guard the assets of individuals and businesses from creditors. The main objective is to keep assets insulated from creditors without committing fraud or tax evasion. However, asset protection can also deter litigation and/or incentivize a favorable and early settlement if a lawsuit does arise. If you are looking to protect your assets, then you will benefit by hiring an experienced estate planning attorney. The Law Office of Brandon L. Campbell can help you find out if you need protection for your assets.
What Are Asset Protection Trusts?
A trust is a legal agreement that places another person, the trustee, in control of your money and/or assets. This helps protect your finances and your property from legal actions against you. There are various types of trusts that you or your business may establish to protect your assets. These include:
- Living Trust. You can create and fund this type of trust during your lifetime. As a result, you can preserve your assets as long as you are living. However, this type of trust does not protect against your beneficiary’s creditors once they inherit the assets.
- Testamentary Trust. These are the last will and testament instructions by the deceased. These trusts do not offer protection of assets during your lifetime.
- Revocable Trust. If you want to make changes or modifications to a trust, then you must have a revocable trust. A revocable trust does not transfer ownership of property, so it offers less of a protective barrier against creditors. With a revocable trust, you can keep control of the trust assets, and you may change or revoke the terms at any given time.
- Irrevocable Trust. Any trust that cannot be changed is an irrevocable trust. Unless the beneficiary or a judge gives you permission, you cannot modify irrevocable trusts once all assets have been transferred into the trust.
Living irrevocable trusts are an effective means of asset protection. For example, you may put your vehicle into a trust and still drive it, but you no longer have ownership of the property. However, anyone looking to establish a trust should consult an estate planning attorney. While trusts protect your wealth in most cases, courts can still sometimes make claims for your assets.
Who Benefits from Asset Protection Trusts?
In most cases, families stand to benefit the most from protective trusts. You can safeguard the futures of your children, spouses, extended family and even friends by responsible trusts. For example, parents can protect their wealth from any divorce, lawsuit and/or creditor that may regrettably appear in their children’s future. There are a number of other people who can and often do benefit from trusts as well.
Anyone that has a reasonable amount of savings, investments and/or property may benefit by forming a trust so they can keep these assets protected from creditors. Trusts are also to the advantage of the beneficiaries, who have wealth literally added to their lives. Businesses may also benefit from a variety of trusts, which can protect their company assets from lawsuits and judgments.
Why Do I Need an Asset Protection Lawyer?
Whenever you have a considerable amount of assets, you have a lot at stake if a lawsuit or dispute ever arises. Therefore, you should make sure that you take the proper steps to safeguard your assets from various creditors. To ensure that your assets and interests are fully protected, it is best to hire an attorney. An experienced asset protection attorney can ensure that you set up your trust properly. Additionally, a lawyer can explain your legal options, and may present options and risks that you may not have considered.
The Law Office of Brandon L. Campbell knows the law and will help you learn about the types of trusts available and regulations that relate to protecting your assets. We will help you identify which trusts best protect your assets, for now and the future.
Thinking About Protecting Your Future? Contact Us.
When you work with The Law Office of Brandon L. Campbell to protect your assets, we will be with you throughout the entire process. We can assist with document preparation, advice, consultations and representation in court if necessary. Life is uncertain enough, so let us add some certainty.
If you want to protect what you have, asset protection attorney Brandon L. Campbell can help. Call 978-278-3885 anytime for a free telephone consultation, or contact us online, and we will reach out to you.