Top Estate Planning Attorney Dennis Toman founder of The Elderlaw Firm in Greensboro, NC emphasizes the importance of both estate planning and asset protection. For more information please visit https://www.elderlawfirm.com
—
Estate planning is a giant step forward for anyone wanting to lay the groundwork for what happens after they die or become incapacitated. However, Attorney Dennis Toman urged an asset protection plan is required to shield those assets when the person is alive.
For more information please visit https://www.elderlawfirm.com
Estate planning covers powers of attorney, wills, and trusts. These are all honed to deal with situations when a person becomes ill and can’t make those independent decisions or when they die, their estate needs to be managed.
In such cases, estate planning will include an executor to decide for that person or to distribute an estate and settle any outstanding debts.
An asset protection plan covers elements that may risk an estate while a person is still alive. Through legal tools, they can protect people from liability and personal injury.
They also help to protect assets when a person requires long-term care or medical expenses. For many, an asset protection plan can include trusts and other legal methods to protect them from creditors.
Toman advised that an asset protection attorney could guide someone through the intricacies of such plans. “Without an asset protection plan, people needing long-term care could lose their home if their care costs spiral upwards.”
Asset protection plans can include irrevocable trusts, limited liability companies (LLC), family limited partnerships (FLP), and insurance policies.
Typically, an asset protection trust prevents this from arising. Assets are required to be held in trust for a minimum of five years. A comprehensive asset protection plan could also protect assets from losses due to creditors’ claims, bankruptcy, divorce, business losses, judgments, and lawsuits.
“The concepts of estate planning and asset protection can and often get confused, but they are distinct. An estate plan should include an asset protection strategy. Rather than wait until it is too late, the ideal time for planning for both is now,” Toman concluded.
Source: http://RecommendedExperts.biz
Contact Info:
Name: Dennis Toman
Email: Send Email
Organization: The Elderlaw Firm
Address: 403 W Fisher Ave, Greensboro, NC 27401
Phone: 336-378-1122
Website: https://www.elderlawfirm.com
Release ID: 89128860
If you encounter any issues, discrepancies, or concerns regarding the content provided in this press release that require attention or if there is a need for a press release takedown, we kindly request that you notify us without delay at error@releasecontact.com. Our responsive team will be available round-the-clock to address your concerns within 8 hours and take necessary actions to rectify any identified issues or guide you through the removal process. Ensuring accurate and reliable information is fundamental to our mission.
