Asset Preservation Attorney in DC
Our asset preservation attorney in DC can help you protect your assets from creditors, tax collectors, and lawsuits.. Call Kevin C. Martin, Attorney at Law, PLLC today if you want some assets preserved.
DC Asset Preservation Lawyer
After attaining financial success, you are on a lifelong mission of maintaining and safeguarding it. If left unprotected, you could lose your assets due to a personal injury or liability claim, taxes, divorce, or other risks.
Luckily, several asset protection tools are available to protect your assets, and a DC asset preservation lawyer can help you set them up for comprehensive protection.
DC asset protection lawyers understand your desire to protect your wealth and have the necessary legal knowledge and experience to help you accomplish that. By establishing a multi-layered asset preservation plan, you can rest assured that your estate is immune to creditors, estate taxes, lawsuits, and whatever hazard life may throw at you.
An asset protection planning attorney at Kevin C. Martin, Attorney at Law, PLLC, can devise a unique estate plan tailored to your needs and guide you along the process.
What Is Asset Preservation?
Asset protection is the process of protecting your assets and mitigating the risks of legal issues, debts, and liabilities through various legal strategies. Another major goal of asset protection is to minimize your family members’ liabilities when your estate is transferred to them upon your passing, such as estate taxes, creditor claims, and probate costs.
Some of the tools that can be combined in an asset preservation plan include:
Asset Protection Trusts (APT): An APT is an irrevocable trust established either within the U.S. or offshore for the sole purpose of protecting assets while retaining some control and access to them. Offshore APTs generally offer a higher level of protection, but this depends on the jurisdiction where they are established and operated. Your trusts lawyer will advise you on which APT is best for you.
Living Trusts: A living trust is a legal arrangement that allows you to transfer ownership of your assets into a trust during your lifetime. It helps avoid probate, ensuring a smoother asset transfer to beneficiaries upon your death while maintaining privacy and control during your lifetime.
Incorporation: Incorporation involves forming a legal entity such as a corporation or limited liability company (LLC) to separate personal and business assets. This shields personal assets from business liabilities, reducing the risk of personal financial loss due to business-related issues.
Insurance: Asset protection through insurance involves purchasing policies like liability insurance or umbrella insurance. These policies provide financial protection by covering legal expenses and judgments in case of lawsuits or accidents, reducing the impact on your personal assets.
Gifting: Gifting involves transferring assets to others, typically family members or loved ones, as a means of reducing your taxable estate. This strategy can minimize estate taxes and, to some extent, protect assets from potential creditors or lawsuits, depending on the specific circumstances and timing of the gifts.
Asset protection attorneys can help you choose the right tools needed to protect your assets.
The Asset Preservation Process
Before seeking asset preservation attorney services, it may be helpful to know what to expect. Generally, the asset protection process involves the following steps:
Step 1: Consulting an attorney
The preservation process starts with an initial consultation between you and your attorney. Your attorney will gather essential information about your assets, goals, concerns, and unique circumstances.
Step 2: Asset Evaluation
After consultation, your attorney will evaluate your assets to identify the proper tools to use for each asset. They will also assess any existing estate plans you have and locate potential risks, vulnerabilities, and areas to reinforce with asset preservation strategies.
Step 3: Strategy Development
Your attorney will use their evaluation results and legal experience to develop a detailed, personalized, and comprehensive asset protection strategy. They will also make sure that your strategy is compliant with DC laws.
Step 4: Implementation
After developing your preservation strategy, your attorney will work on setting them up. Depending on the complexity of your asset preservation strategy, this may be the most time-consuming step in the process.
Step 5: Ongoing Review and Update
Asset preservation is not a one-time event but an ongoing process. Your attorney will be continuously monitoring your financial situation and assessing the effectiveness of your asset protection strategy. They can make adjustments as needed to adapt to changing circumstances and laws.
How DC Asset Preservation Attorneys Can Help You
Working with an asset preservation attorney can make a difference in achieving your asset protection goals. Here are some ways your attorney can help you:
Devise a solid asset protection strategy: An asset preservation attorney will handle the entire process of assessing your financial situation, identifying the right tools and structures, and setting these structures up.
Estate Planning: Asset preservation attorneys are estate planning professionals by nature and will help you create a comprehensive estate plan alongside your asset protection. This includes drafting wills, trusts, and other documents to facilitate the estate transfer process.
Compliance: An asset preservation attorney in DC will ensure that your asset protection strategy is in full compliance with local laws and regulations. Compliance is crucial to prevent legal challenges to your asset protection structures.
Legal Support: Asset preservation lawyers provide legal support and guidance on everything asset-related.
Kevin C. Martin, Attorney at Law, PLLC, Is Here for You
If you are looking for an asset preservation attorney in Washington, DC, look no further than Kevin C. Martin. We can understand your desire to shield your assets from all threats out there, and we want to help you accomplish that.
Contact Kevin C. Martin today to schedule your free initial consultation!
Frequently Asked Questions
Do I still need an Asset Preservation Plan if I have Liability Insurance?
Having liability insurance is essential, but its coverage is limited and doesn’t replace an asset preservation plan. An Asset preservation plan offers extra layers of protection against various risks beyond those covered by liability insurance.
Are assets in the Asset Protection Trust listed on my financial statements?
Assets held in APTs are never listed on the grantor’s financial statements because they are separated from their personal assets.
Will an Asset Protection Trust avoid Probate?
Yes, assets held in an asset protection trust are non-probate since the trustee is the legal owner of these assets and not the grantor.