Protecting Your Assets Now And In The Future
At J. Jeffrey Press, P.A., our estate planning services go beyond the distribution of assets upon your death. We provide asset protection planning with a goal of preserving your assets during your lifetime and for future generations.
Call 973-323-2654 to discuss your specific situation in a confidential consultation. Our lawyers serve clients in Parsippany, Clifton and throughout northern New Jersey.
Effective Use Of Irrevocable Trusts
Asset protection planning involves the use of irrevocable trusts such as beneficiary IRA trusts, irrevocable life insurance trusts and charitable remainder trusts. Doctors, dentists and other professionals who face the threat of malpractice lawsuits, investment professionals who may be sued by their clients, owners of closely held businesses, families with estate tax concerns and families who want to preserve wealth for future generations can all benefit from asset protection trusts.
What Can You Do With A Trust?
Trusts can be used to:
- Protect personal assets from lawsuit judgments
- Minimize estate taxes by removing assets from the estate
- Protect assets provided to beneficiaries from creditors, predators and divorce
- Preserve wealth for future generations
- Create a family legacy for charitable contributions
Once assets are placed in an irrevocable trust, those assets are no longer owned by you. Instead, they are owned by the trust and are used for the benefit of the beneficiary — who could be yourself, family members or a charity. The trust will be managed by the person or persons you choose to be appointed as trustees.
Your trust can determine when and how assets are distributed. For example, a trust can contain “spendthrift” provisions to prevent a beneficiary’s creditors from attaching the assets, or the trust can designate that funds be distributed after certain milestones are reached such as graduating from college.
Contact J. Jeffrey Press For More Information About Asset Protection
To schedule a consultation with an asset protection attorney at the law firm of J. Jeffrey Press, P.A., please call our office or fill out the brief online form.