Making sure that your assets are out of harm’s way is something to take seriously when you are making preparations for the future. A single instance of inaction where action was required could have disastrous results. This is why it is so important to go forward with the benefit of expert guidance when you are situating your assets, especially if you are in a field that leaves you open to legal actions.
With the above having been stated one legal instrument that can be utilized to provide you with asset protection would be a qualified personal residence trust. To provide a brief explanation, you fund the trust with your home and as a result it is no longer your direct personal property, thus it is protected from claimants.
However, you may continue to live in the home for as long as you would like to rent-free so there is no material change in your life. You name a beneficiary who would inherit the home after the term of the trust expires, and presumably this would be your children.
It would also be possible to arrange for the home to remain in trust for the benefit of your children, providing another layer of asset protection.
Should you be interested in the possibility of creating such a trust, the first step is to sit down and discuss the details with a licensed and experienced Hartford estate planning lawyer. Your attorney will evaluate your overall financial profile, gain an understanding of your long-term goals, and make the appropriate recommendations.