Creating a successful estate plan requires you to do more than just decide how your estate assets are to be distributed after you are gone. In order to ensure that you have assets left to distribute, your estate plan should also help grow your assets during your lifetime and protect them after you are gone. One significant threat to your assets is the impact federal gift and estate taxes could have on the estate you leave behind. A Westport estate planning attorney at Nirenstein, Horowitz & … [Read more...] about The 2020 Lifetime Exemption
If you already have an estate plan in place, or you are planning to create one in the near future, a primary motive for that plan is likely to protect and provide for loved ones after you are gone. To accomplish that goal, however, you must protect the assets you have while you are here. To ensure that you assets are safe, you must first recognize the myriad of ways in which they way be at risk. To get you started, the Westport estate planning attorneys at Nirenstein, Horowitz & Associates, … [Read more...] about Are Your Assets at Risk?
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...] about 5 Key Asset Protection Strategies
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...] about How Does an Asset Protection Trust Work?
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...] about How Can You Choose the Right Asset Protection Strategies?
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...] about A Look at Two Asset Protection Structures
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...] about What Is An Alaska Trust?
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 Attorney Click here to read the whole article or download the PDF. … [Read more...] about Free Report: What Is Connecticut Grantor Retained Annuity?
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...] about Does a Revocable Living Trust Provide Connecticut Asset Protection?
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...] about What Is a Family Limited Partnership in Connecticut?