Making smart use of asset protection strategies is important at all phases of your wealth-building process. When you work hard, you deserve to benefit from the fruits of your labor and to enjoy financial security. You cannot do this if your wealth is lost due to things like creditor claims, lawsuits, high nursing home bills, irresponsible heirs, or estate tax. There are many different risks that could put your financial stability and legacy in jeopardy and you need to make plans to minimize and … [Read more...]
How Does an Asset Protection Trust Work?
An asset protection trust is a generic term used to describe different kinds of trusts that provide different protections for your personal wealth. An asset protection trust can keep your assets safe in lots of different ways, depending upon the kind of trust that you create. The type of trust you create is going to be determined based on what the biggest risk factors are for loss in your life. Nirenstein, Horowitz & Associates provides assistance with the creation of asset protection … [Read more...]
How Can You Choose the Right Asset Protection Strategies?
There are lots of different asset protection strategies available to help people try to preserve the wealth they have worked to acquire. Asset protection is a smart move that makes sense if you want to ensure bad luck or a twist of fate does not cost you everything. However, choosing the right approach to asset protection can be complicated and you don't want to make any mistakes that could end up costing you. Nirenstein, Horowitz & Associates can provide you with comprehensive advice on … [Read more...]
Asset Protection: Close the Window of Opportunity
Asset protection is very important for many people, and it comes in different forms. It is said that we live in a litigious society, and it is possible to position your assets in a safe manner. We will look at the spectrum in this blog post. Asset Protection for Business Owners and Professionals If you own a business or professional practice, you may want to take steps to separate your personal property from the actions of your business. For example, let's say that you are a landlord. Renters … [Read more...]
A Look at Two Asset Protection Structures
Endeavoring to earn a good living is job one when you are a self-supporting adult who is trying to build financial security. At the same time, in the litigious society that we live in, you have to be concerned about protecting what you have earned, because lawsuits are not uncommon.Asset protection is something that you should think about, regardless of what you do for a living. However, there are people who are engaged in certain lines of work who are more vulnerable to legal actions than … [Read more...]
What Is a Limited Liability Company?
If you want your business to be successful, you must put forth a great deal of effort. It takes a great business plan, a strong work ethic, and a good bit of talent to become a successful businessperson.Because you worked so hard for your success, you clearly want to make sure that you protect your personal resources. This can sometimes be done through the creation of a limited liability company.A limited liability company gives you the best of both worlds to a certain extent. You enjoy the … [Read more...]
What Is An Alaska Trust?
When you place assets into a trust such as a revocable living trust you can act as both the trustee and the beneficiary if you choose to do so. Because you have control of the funds creditors could possibly seek to attach resources placed into the trust, so these vehicles do not provide any asset protection.In light of the above, is it in any way possible to benefit personally from resources placed into a trust while enjoying asset protection? The answer is yes. This can be done through the … [Read more...]
Free Report: What Is Connecticut Grantor Retained Annuity?
People who are exposed to the federal estate tax must take steps to gain estate tax efficiency. The line that is drawn between those who are exposed and those who are exempt exists in the form of the federal estate tax exclusion.Topics covered in this whitepaper include:Grantor Retained Annuity Trusts Limited Power of AttorneyClick here to read the whole article or download the PDF. … [Read more...]
Does a Revocable Living Trust Provide Connecticut Asset Protection?
A revocable living trust can be a good alternative to a last will for many people because such a trust will enable asset transfers outside of the process of probate.What's the problem with probate you ask? In a general sense you can reduce the pitfalls of probate to three specific areas.Would you want anyone and everyone to know exactly how you decided to distribute your assets among your heirs? You may not want to leave behind an open book for various different reasons. The probate process … [Read more...]
What Is a Family Limited Partnership in Connecticut?
There are many different legal devices that are used in the field of estate planning. This is why you should discuss everything in detail with a licensed estate planning lawyer. You may be able to benefit from certain courses of action that you may not even be aware of as a layperson.One legal device that you could overlook is the family limited partnership. Many people who are looking for asset protection and transfer tax efficiency will create family limited partnerships. With a family … [Read more...]
