Asset protection is the process of ensuring your assets from creditors, unwanted distribution, liquidation and excessive taxation.
For asset protection in Illinois, the Law Offices of Joshua E. Stern will construct a plan that helps you feel certain about your financial future.
Depending on how assets are held, they may be reachable by creditors or, in the event of death, subject to taxation and possibly probate. Likewise, unprotected assets may be subject to distribution and liquidation upon divorce. Asset protection is as it sounds: the process of protecting one’s assets from creditors, taxes, divorce and unwanted third parties by retitling, creating trusts, forming pre- and postnuptial agreements, forming corporate entities to hold certain assets and otherwise taking steps to ensure that the asset is owned, and eventually transferred, in a safe and secure manner.
An asset protection plan will cross-reference your estate plan and any pre- or postnuptial agreements that may be appropriate. As each client’s goals differ, there is no singular approach to asset protection.
Asset Protection is Not Just for the Very Wealthy
Asset protection and wealth preservation is not just for the ultra-rich. Families with a combined net worth of under $1,000,000 stand to benefit the most from asset protection, as a lawsuit brought against them would have the greatest impact. A strategically implemented asset protection plan will help the family continue to save, but with the knowledge that their hard-earned money is safe from judgments.
Contact an Evanston Estate Planning Law Firm
At the Law Offices of Joshua E. Stern in Chicago and Evanston, we are always happy to discuss the benefits of asset protection for your specific circumstances. Request a free consultation online or call us at (847) 868-9584.