Asset Protection Is Vital To Estate Planning
Asset protection is the process of legally protecting your assets from creditors, taxes and other threats. There are a variety of asset protection techniques that can be used, depending on your specific needs, including:
- Self-directed IRA: A self-directed individual retirement account (IRA) allows you to invest in a variety of assets, including real estate, businesses and precious metals. Self-directed IRAs can protect assets from creditors and taxes.
- Gun trust: If you are a gun owner, this type of trust can help you leave your firearms to heirs while complying with federal and state laws.
- Charitable or gifting trust: These trusts are designed to help you support your favorite charities or financially support your loved ones. By creating a charitable or gifting trust, you can significantly impact the causes you care about while also benefiting from tax advantages.
- Dynasty trusts and generation-skipping trust: Most people would like to pass their wealth on to future generations without paying significant estate taxes. By creating a dynasty trust or generation-skipping trust, you can ensure that your loved ones receive assets for many generations.
- Special needs trusts: If you currently support or care for a loved one with disabilities who requires long-term care, you will be interested in this type of trust. They can help ensure the individual receives the care they need while preserving their eligibility for government benefits.
- Spendthrift trust: Sometimes you may need a method to protect a beneficiary from creditors and their own poor financial decisions. This type of trust can be particularly useful for individuals who are not financially responsible or have a history of poor decision-making.
- Revocable or irrevocable trusts: These trusts help you manage your assets while you are alive and after you pass away. Creating a revocable or irrevocable trust ensures that your assets are distributed according to your wishes.
- Life insurance trusts: When you want to provide for your loved ones in the event of your death and minimize estate taxes, a life insurance trust is a good option.
- Grantor-retained annuity trusts: This is another way to transfer your assets to your loved ones while minimizing estate taxes. By creating a grantor-retained annuity trust, you can ensure that your loved ones are provided for while taking advantage of tax benefits.
As the founding attorney of the Law Offices of Sander S. Straus, I can offer skilled support to help you protect your assets as part of your comprehensive estate plan. We can discuss your needs and goals to determine the best approach so that you can support the people and purposes you value most.
Make An Appointment
Scheduling your complimentary consultation will get you started on the path to a comprehensive estate plan that supports you and your legacy. To make an appointment in my Las Vegas office, call 702-444-0808 or use this form to contact me online.