Although asset laws vary by state, in Florida, we are lucky that we have some of the most debtor-friendly laws when compared with the rest of the country. Engaging in the process of estate planning in Palm Beach Gardens, and throughout the state, should include a review of the ways in which you may be able to protect your assets now and in the future.
Americans are exposed to a great risk in the form of potential litigation at any given time, and a successful lawsuit could seriously deplete or eliminate assets entirely without some prudent planning done beforehand. Some of the best tools at your disposal to protect and preserve your wealth are also beneficial for your estate plan, such as a Children’s Trust, a Family Limited Partnership, a Foreign Asset Protection Trust, or an Irrevocable Life Insurance Trust.
The first step in the asset protection process is determining what assets you already have that are exempt under Florida law, such as retirement accounts, life insurance, annuities, and your homestead. After you’ve conducted this audit with Blatt Legal or your estate planning attorney, you may want to consider what opportunities are available to convert non-exempt assets into the exempt assets category.
You’ve worked hard to accumulate your net worth, but you need to protect it from future risk by discussing your options with a Palm Beach Gardens estate planning attorney. Your wealth may be exposed to serious risks throughout your lifetime, but proper planning with Blatt Legal can mitigate those risks and give you the assurance that you’ve done everything you can to preserve your wealth and protect your family.
When done properly, asset protection planning is aligned specifically with your needs. This is one of the most complex aspects of estate planning, and that’s why you should rely on only an experienced and capable firm to help you identify the right planning strategies.
With more than 30 years of combined experience, we understand your needs, and we can help you determine the best tactics to help you protect and preserve your assets in Palm Beach Gardens, Wellington and throughout Florida. Don’t hesitate to get help with this critical piece of estate planning. Call us today at 561-625-0900.