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Planning for the Future with Gunderson Denton
Asset Protection Planning for the Modern Client
Only the very wealthy and those in high-risk professions need asset protection planning, right?
That’s a myth.
In reality, we all need asset protection. Why? Because we all can be sued and lose everything we have. A car accident, business failure, foreclosure, medical crisis, or injured tenant can result in a monetary judgment that will decimate your client’s finances, we could even end up in need of a Criminal defense attorney in Stuart at one point in our life. The most awaited thing after any accident is the claim of compensation you make to cover the loss – of course only in cases where it is applicable. The process involving the claim is generally time-consuming and a lot of litigation arise against adjusting the amount of the claim, which is even lowered to an extent. If you wish to avoid these circumstances, it is better to appoint a personal injury attorney who would take the responsibility on your behalf to recover the amount of claim as much as possible.
A personal injury attorney at Birmingham, AL 35290, USA may help you right away after an accident has taken place on an emergency basis. Generally, the attorney may charge almost 40% of what is recovered from the claim or you can pay the attorney a fee that is been decided between the two of you, beforehand. There is a situation where you can seek for the professional help of an attorney but as a public service which is not meant to be charged at all but still the attorney charges, a much lesser amount from the people who come for help. If you want legal advice for personal injury cases, then you can get help from Bronx Attorneys in new york city.
So before you appoint any attorney to take your case, be prepared with a questionnaire which would decide on the fate of appointing the attorney. If you do not receive satisfactory answers, you may reject the person and call for another attorney for interview.
Things to enquire from a personal injury attorney
You must enquire about the certifications and achievements of the personal injury attorney and provide the attorney with all the information you have regarding the accident or personal injury. These two areas must be clearly scrutinized before appointing the person.
As you are the person who would be retaining the attorney for the job, you have the freedom of asking question in relation to the credibility of the personal injury attorney. According to the feedback provided by the attorney, you need to decide whether he is capable enough to get you the claim. In case of a wrong decision there will be a lot of added sufferings apart from the fees of the attorney that you will have to pay up.
You can enquire about the number of cases the personal injury attorney has so far been associated with and the number of positive results among them. If the answer is positive, you would be able to develop some trust on your attorney.
You should mention on a note, the details of the personal injury that occurred. The date and time of the incident, the place, even the name of the lane it happened, traffic condition at that point of time, name of the nearby roads and intersections, any sort of medications you were associated with, whether you had alcohol on that day, the last time you had visited your doctor, the reason of your visit and the feedback of the doctor given to you. Most importantly you should mention the type of trouble you are facing owing to the injury, extent of the injury, level of pain, doctors advice and few more related information. Give this to your attorney, so that he can tell you if he can make good of your case.
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This month our goal is to provide an overview of asset protection planning fundamentals to illustrate how planning can benefit all of your clients, not just the wealthy and not just doctors, lawyers, and many others, of course in specific cases like car accidents is better to use Tampa car accident attorneys to solve this issues faster.
What Exactly is Asset Protection Planning?
In its most basic form, asset protection planning is the process of taking assets that are vulnerable to creditors, predators, and lawsuits and positioning or repositioning them as assets that are less vulnerable or, ideally, are not vulnerable at all.
Planning Tip: Invite Your Clients to Work with an Experienced Advisory Team
At first glance asset protection planning may appear to be straightforward; however, asset protection strategies hold traps for novice planners.
- When done correctly, an asset protection plan serves as a valuable bargaining chip.
- When done incorrectly, the plan can be unwound and assets seized, with clients (and potentially planners) held in contempt or even thrown in jail.
Therefore, it is imperative that clients work with an advisory team, specializing in asset protection strategies. Each client’s individual risks and benefits must be fully assessed and clients assured that the plan they ultimately put in place will work.
Basic, Everyday Asset Protection Planning
Many of clients may already be taking advantage of basic asset protection strategies and not even realize it.
For example, the first line of defense against liability is insurance, including homeowner’s, automobile, business, professional, malpractice, long-term care, and umbrella policies.
Clients need to review their insurance policies on an annual basis to confirm that coverage is sufficient and important benefits have not been stripped from their policies to maintain premiums.
Another type of basic planning, available in some states, is a joint ownership between married couples called “tenants by the entirety” (TBE). A creditor of just one spouse cannot attach a judgment to the couple’s TBE property.
The rules for creating TBE ownership vary widely among the states that recognize it.
- In some states, TBE titling is applicable to real estate only; while in other states, it can be used for both real estate and personal property.
- As a team, we can assure that your clients’ property is correctly titled.
Because TBE benefits will be wiped out if a judgment is entered against both spouses or if one spouse dies, this type of ownership should not be the centerpiece of a married couple’s asset protection plan.
Another type of basic planning clients are probably already taking advantage of is holding a portion of their assets in a 401(k) or IRA.
- Under federal law, tax-favored retirement accounts (excluding inherited IRAs) are protected from creditors in bankruptcy (with certain limitations), you can contact a bankruptcy attorney to get all the details.
- Federal law also protects part of the equity in a primary residence in bankruptcy.
- Some states have passed laws that expand protection for IRAs and the equity in a primary residence and also offer protection for annuities and the cash value of life insurance.
The attorneys at Law Offices of Georgette Miller & Associates are here to help you through tough legal situations like understanding bankruptcy law and filling for bankruptcy, going through a divorce or custody battle, being a victim of a car accident or other personal injury, being denied for Social Security Disability benefits, or getting arrested for criminal charges, visit their page https://georgettemillerlaw.com/locations/new-jersey/ to contact professionals attorneys.
Planning Tip: Know Your State’s Asset Protection Rules
Be knowledgeable about which assets are and are not protected from creditors. This knowledge will help you move the needle forward on asset protection planning discussions with clients who are already taking advantage of basic strategies but really need a more sophisticated plan.
Sophisticated Asset Protection Planning
Clients who need to go beyond basic asset protection planning must understand that sophisticated planning involves more give than take.
- Clients must give up some, or even all, control and ownership of the property to be protected.
- Ideally, the spouse, children, and grandchildren will also lack control, but may maintain a beneficial interest in the property, such as the right to income and principal for health, education, and maintenance.
To make property untouchable, or, at the very least, more difficult for creditors to seize, sophisticated asset protection planning will often involve a layering of multiple techniques, including:
- Beneficiary Trusts
- Domestic or foreign limited liability business entities (Limited Liability Partnerships or Limited Liability Companies)
- Irrevocable Trusts, including Domestic Asset Protection Trusts (DAPTs)
- Asset Protection Trusts outside of the U.S.
Planning Tip: Since the laws governing limited liability business entities and irrevocable trusts vary from state to state and country to country and these laws are constantly in flux, the use of advanced strategies requires the expertise of legal advisors who understand all of the applicable laws of fraudulent transfers and specialize in the implementation and maintenance of sophisticated asset protection plans.
The Bottom Line on Asset Protection Planning
First, clients require your assistance so they are aware they need asset protection planning.
Second, they must understand that, to be effective, an asset protection plan must be put in place before a lawsuit arises. An asset protection plan is not a quick fix for existing legal problems.
In fact, there may a period of time before an asset protection plan becomes effective (these time frames vary from jurisdiction to jurisdiction), and under bankruptcy laws there is a 10-year look back for transfers into certain types of trusts.
We’d like to team up with you to offer comprehensive asset protection planning, and we are ready to answer your planning questions. We are happy to help you advise your clients on their options for implementing an asset protection plan that will work.
Please call our office now to set up a complimentary, no obligation meeting.
40 N Central Ave #1400
Phoenix, AZ 85004
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