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Waterbury Asset Protection Lawyer

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Asset-Protection

Estate planning is one of the most important legal avenues an individual can take in their lifetime. This ensures that their legacy and wealth are protected and distributed amongst heirs according to their wishes even after they are gone. One of the most integral tools in an estate plan is that of asset protection. Without this protection in place, your assets can be reduced due to taxes and other factors. A Waterbury asset protection lawyer can ensure this doesn’t happen.

When an individual dies, their assets and wealth will be distributed amongst named beneficiaries according to their wishes, which are written out in a last will and testament. When creating your estate plan, you deserve the peace of mind that comes with knowing just exactly how your assets will be handled and protected following your death. Though trusts and wills are an integral part of this, ensuring you have a solid asset protection plan in place is crucial to the security of your legacy.

What Is Asset Protection in Waterbury, Connecticut?

Asset protection is a part of your estate plan that can help protect assets from certain tax liabilities, creditors, ex-spouses, and certain legal claims. It is crucial that this step is taken in a wide range of estate planning situations. Asset protection allows you to legally secure your assets beyond the reach of these creditors, individuals, or government agencies once you are gone. Assets that can be involved in necessary asset protection include:

  • Bank accounts.
  • Real estate holdings.
  • Vehicles.
  • Life insurance policies.
  • Other assets of value.

At Burns Thomas, LLC, we understand how hard you have worked to earn these assets and how your family deserves to carry on your legacy through them even once you have passed away. We are firm believers that you deserve to have your assets protected and that your loved ones are entitled to a financial future that is protected from entities or individuals who may wish to diminish the legacy you have worked so hard to create.

Using a variety of contracts, planning techniques, and entities, the team at Burns Thomas, LLC, can help you protect your property, assets, and even your businesses from practices that may seek to reduce or diminish the value of what you have worked so hard to obtain.

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Whether the best option for you is a comprehensive will, the establishment of trusts or other estate planning solutions, we will find a solution that fits your needs.

How the Attorneys at Burns Thomas, LLC, Can Help

At Burns Thomas, LLC, we have spent years helping our clients secure the protection of their assets through comprehensive estate planning strategies. We are dedicated to providing our clients with the high-quality asset protection they and their families deserve.

We are dedicated to your financial future and the future of your loved ones, even once you are gone. By helping you protect these assets, we can ensure that your family is cared for once you have passed. At Burns Thomas, LLC, we can help in protecting the following items:

  • Your home.
  • Your life’s savings.
  • Your investments.
  • Your property.
  • Your loved ones and family members.
  • Your caregivers.
  • Your heirs.
  • Your estate.

Financial Tools to Assist in Asset Protection

There are several tools that can help in asset protection when establishing your estate plan. These tools include:

  • Irrevocable trusts. This form of trust establishes a permanent entity in which your assets are protected during your lifetime and can help avoid the need for probate. You must, however, transfer these assets into the trust, and name a trustee who has control over the management of the assets in your trust, and the trust cannot be subject to change.
  • Pooled asset trusts. This tool can be employed by elderly individuals or those who suffer from long-term disabilities in order to qualify for public or government benefits such as Medicaid without having to cause any harm to your assets as a whole. These trusts, however, can be very difficult to understand, and having an attorney to assist you with creating one is essential to its success.
  • Charitable remainder trusts. This form of irrevocable trust generates income for the beneficiaries included with the assets that remain in the trust upon the termination of the trust and can be donated to named charities. This is often a wise tax planning tool to ensure that the included investment income is exempt from taxes while inside the trust.

Frequently Asked Questions

Q: How Much Does an Asset Protection Lawyer Charge?

A: It can be difficult to offer an exact number as to how much an asset protection lawyer might charge for their services as there are many factors taken into account when calculating the final costs. Often, these factors will include the overall complexity of your estate plan and the experience and location of your attorney.

Q: What Asset Vulnerabilities Can Be Protected Against?
Q: What Are the Benefits of an Asset Protection Trust?

Q: Who Can Serve as a Trustee in an Asset Protection Trust?

Speak With an Experienced Estate Planning Attorney Today

If you are in the throes of estate planning and are concerned about the protection of your hard-earned assets, the team at Burns Thomas, LLC, can help. Contact our offices today to schedule an appointment and learn how we might be of service in protecting your legacy for generations to come.

Contact our firm today to learn more about how our
New Haven County estate planning lawyers can help you.

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