Asset protection can be an important consideration when you are making preparations for the future. There are a number of different ways that you can keep assets out of harm’s way, and the best way to proceed is going to vary depending on the unique nature of your situation.
To be optimally prepared you need to devise a plan that is tailor-made for you and your family, and the best way to do this is to sit down and discuss your vision with a licensed and experienced Hartford estate planning attorney.
One course of action that is often recommended for people who are looking for asset protection would be the creation of a generation-skipping trust. These trusts provide estate tax efficiency but they also can protect assets from former spouses and other claimants.
The way that it works is you skip a generation when you name the beneficiary, and most people will name their grandchildren as beneficiaries.
Your children don’t own the resources that are placed into the trust so they can’t be targeted by interested parties. However, they can indeed benefit from the assets that are in the trust, receiving distributions of trust income and otherwise utilizing trust property. This course of action is often recommended for people whose children are in occupations that leave them vulnerable to lawsuits.
To learn more about how you can protect your assets with a generation-skipping trust while gaining tax advantages in the process, take action right now and arrange for a consultation with a licensed and experienced Hartford estate planning lawyer.