What Can Go Wrong Without An Asset Protection Attorney?
The number one issue is that people just don’t know the proper paperwork that they need to do. We see it time and time again, where somebody has drafted their own will. In the language of their will, it makes absolutely no sense, and it’s so hard to correct the improper paperwork. So the number one thing is, again, they just don’t know the proper paperwork to do.
The second thing is that they don’t know the proper language to use for the paperwork. If they set up an LLC, we have to make sure everything’s transferred to the LLC. If they set up a trust, we have to make sure the proper paperwork is done for the asset to transfer into the trust. A lot of the clients just don’t know the proper procedures, the proper paperwork, or the proper language. Then something happens, and that’s when they come to my office, and we have to do our best to try to fix things and correct any mistakes that were made.
- What Experience Do You Have Helping Clients With Asset Protection Planning?
- What Are The Common Ways To Protect Your Assets Both During Your Lifetime And After Death In Ohio?
- What Are Some Misunderstandings and Misconceptions About Asset Protection?
How Are Probate And Asset Protection Planning Related?
Probate and asset protection planning are extremely related. Asset protection is to help you protect assets during your lifetime and after your life from creditors, and there are different strategies that we can use for that.
Intertwined in that is estate planning. If something happens to our client, where is this asset going to go? Not only do we want to transfer this asset to loved one, we want to make sure it’s not subject to creditors. If we have to go to probate court when filing something, it exposes us to creditors. When you file anything with the court, it’s open for public record. The public can see that somebody passed away, see that there are assets. Creditors can come and file things at the probate court. That’s why it’s so important to have an estate plan in place, so that you’re not going to probate court. Not only are you subject to your creditors while living, but also after you pass away. So they’re definitely intertwined.
During your lifetime, asset protection, whatever strategies we can use to protect your assets. And if you were to pass away, where’s this going? Then we want to protect that asset as it’s being transferred to your loved ones.
What Are Some Ways to Avoid Probate?
One of ways to avoid probate is, we can always draft a trust — And there’s different types of trusts which we spoke about before to help avoid probate. You name a loved one as a trustee, and that’s a specific estate planning tool that can help avoid probate because it’s a specific agreement that says, “Look, I don’t want any probate. When I pass, it will go to this person, to my loved one.”
Another ways to avoid probate is having proper beneficiaries in place, so that it’ll pass outside of probate court. But those are the best ways, is to draft a trust, have proper attorneys in place, and having proper beneficiaries in place to help avoid probate.
What Can Your Firm Do to Help Clients’ Assets That They Can’t or Shouldn’t Do on Their Own?
If you hire my firm, we do the proper paperwork first. You’re not paying us twice to correct the paperwork, so we do the proper paperwork first. We make it simple and easy for our clients. We make it affordable. When we draft estate planning paperwork or asset protection paperwork, we make sure it’s flexible with your life. We have ongoing relationships with our clients to make sure their goals and needs are always met. Life changes, laws change, and people’s needs change, so we can provide that ongoing relationship to make sure your goals are being achieved. We ensure that your assets are protected to the best of our ability.
For more information on Asset Protection Planning In Ohio, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (330) 222-3898 today.