Introduction to Asset Protection In Estate Planning
Wiles Law is a full-service Estate Planning Law Firm founded in 2007. From the start, our attorneys have been dedicated to helping families and businesses preserve their legacies through well-advised wealth and asset protection strategies.
One common misconception about asset protection planning is that it is only for the wealthy. While affluent people indeed have more assets to preserve, they aren’t the only ones who benefit from implementing asset protection plans.
Regardless of income or net worth, any individual with a fortune they wish to keep should look into an estate plan to ensure their possessions are distributed smoothly and tax-efficiently to their heirs.
Things To Remember When Planning Your Estate's Asset Protection
It also helps to remember that you worked hard to acquire the money and property you have now. You deserve to protect the fruits of your labor so you can enjoy financial security during your retirement or so you can leave something behind to your loved ones. Proper asset protection planning helps ensure that your financial accounts, properties and other assets will be distributed the way you want them.
As you start looking for an asset protection attorney to help you with this, beware of those who promise to bulletproof your assets. No strategy can protect your assets a hundred percent. However, various planning options are available to help you deter unwarranted claims.
If you want to get started on safeguarding your hard-earned assets, Wiles Law is here for you. Our legal practitioners are committed to helping individuals and business owners plan for their families, protect their assets and preserve their legacies.
We all work towards one goal — to help you craft a plan that allows you to give what you want and to whom you wish to while legally saving tax dollars, fees, and court costs. We also offer expert advice to help you structure the ownership and management of your assets wisely and, ultimately, navigate our litigious society.
You have worked so hard to get to where you are, so let our expert estate planning attorneys help your protect your assets now and plan for the future. Your asset protection lawyer at Wiles will help you in your financial planning, with your best interests in mind.
Four Rules For Asset Protection in Estate Planning
Smart Practices You Can Employ To Preserve Your Possessions Effectively
1. Protect Your Assets Early
Estate planning can seem like an intimidating overwhelming task, but don’t put it off. The best time to have asset protection is way before you need it, just like how insurance policies work. Seeking help from an asset protection attorney early on will help you safeguard your wealth from any damaging legal action and ensure it will go to your intended heirs.
2. Track Your Possessions
Another simple yet effective way to help you protect your possessions is to know exactly what they are. As such, make sure to keep accurate and comprehensive records of all your assets and liabilities. Have a list of all the things you own that have value, such as your savings, stocks, retirement accounts, personal property, and business equipment. Doing so will help point you toward the best asset protection strategy for your needs.
3. Use Various Protection Strategies
In asset protection planning, it helps to remember that there is no all-in-one solution. Moreover, you will likely need a combination of asset preservation strategies to safeguard your hard-earned fortune effectively. For example, you can draw up a will and set up a trust to distribute your wealth according to your preference. However, you can also consider other advanced asset protection strategies like onshore and offshore trusts to further safeguard your assets.
4. Consult With Qualified Professionals
Federal and state legislation governing asset protection can be complicated. On top of that, it continues to change over time. Considering this, you need the expertise of an experienced asset protection lawyer to help you navigate these laws. They can provide you with a comprehensive estate analysis and develop an asset protection solution tailored to your unique circumstances and needs.
It’s done! For now any way. My wife and I finally updated and completed most all of our end of life planning decisions and legal matters including the Smith Family Trust, Healthcare Poxies & Access, Power of Attorney, etc. Huge shout out to Tripp Wiles, Alex Richey and everyone at Wiles Law, for their professionalism and help, great group of folks to work with on these important matters. I highly recommend them. –M.S.
It was such a pleasure meeting everyone at Wiles Law. I feel at ease by Wiles McMichael sharing their knowledge, compassion, and concern. – S.H.
It is a feeling of comfort to know the staff of Wiles Law are here to promptly come to our rescue when needed. We continue to thank each of you for your patience and guidance in making certain we have all our documents set up properly. – J.C.K.
The attorneys and staff at Wiles Law are OUTSTANDING! I will be forever grateful that they were referred to us to handle our family estate. They are extremely knowledgeable. More importantly, they are caring, sincere individuals that will have your best interests protected. – L.G.
Why Choose Wiles Law For All Your Estate Planning Needs
Entrust Your Wealth and Property Only to Experienced and Genuine Professionals
We understand that while some estate planning strategies are easy to execute, other solutions such as establishing trusts require careful and meticulous planning. With that said, you can rest assured that your Wiles Law asset protection attorney has the field knowledge and expertise to guide you through the process. Ultimately, you can count on us to offer you sound advice so you can protect your assets and build your legacy successfully.
Wide Range of Expertise
We offer a wide range of asset protection strategies to provide you with the best results. For example, we can help you set up family savings trusts, life insurance trusts or dynasty trusts, and business organization and entity formations. Our attorneys leverage their proficiency in the wealth transfer methods available under the law to help you and your loved ones gain the wealth protection you need against unwarranted claims.
Your goals for your estate or business will undoubtedly change as you go through different seasons in your life. Moreover, the laws regulating asset protection will also evolve over time. This is why our attorneys are here to offer you long-term guidance as you tackle the iterative process of safeguarding your possessions. We will continually review, modify and update your asset protection strategies according to your circumstances.
Genuine Concern and Compassion
Asset protection planning is a long process that often involves confusing jargon and overwhelming requirements. As such, our attorneys make sure you understand the estate plan we have put together for your possessions. We will also be there to help you set up all your documents correctly. Your asset protection lawyer at Wiles Law will ultimately have your best interests protected.
Dedicated and Focused Services
Your asset protection attorney from Wiles Law will take the time to understand your unique situation along with the risks you need to manage. Then, we use this in-depth analysis to provide you with a protection plan that’s not only legally compliant but also relevant to your specific needs and goals. We’ll also help you employ time-tested planning so you can navigate our litigation-inclined world wisely.
Prompt and Reliable Assistance
As part of our professional services, you can count on the whole Wiles Law team to offer you prompt assistance when you need us. We understand how crucial asset protection is for you and your loved ones, so we are always available to lend a helping hand. All you have to do is get in touch with us and tell us what you need.