Asset Protection

You’ve worked hard to get where you are today. Unfortunately, without proper planning, your hard-earned assets are vulnerable to a number of threats. Consider, for example, that more lawsuits are filed in the United States than in the rest of world combined. No matter how frivolous the suit may appear, you never know what a judge or jury will decide.

Lawsuits are just one of the threats to your assets, lifestyle, and legacy. Others include creditors, predators, the high cost of long-term care, and more. All of this explains why asset protection planning is one of the fastest growing areas of the law, and why you need an asset protection plan of your own.

Your plan must accomplish two main goals. First, it must protect you and your spouse from the threats we have mentioned: lawsuits, creditors, long-term care costs (nursing home care averages over $100,000 a year in Michigan), predators, and others looking to seize a portion of your assets while you are alive. Second, your plan must protect your heirs’ inheritance against a variety of threats after you are gone. The latter can involve making sure your children’s inheritance is protected from divorce, lawsuits, bankruptcy, medical expenses and their own creditors and predators. Your grandchildren may need protection to ensure they receive their inheritance if your child passes away and your son-in-law or daughter-in-law remarries. Your children may even need protection from their own poor decisions if they are not mature enough to manage an inheritance on their own.

It is important to note that one of biggest mistakes people make with regard to their assets is giving them away too soon. Outright gifts to adult children can lead to the problems mentioned above—the assets are vulnerable to threats like divorce, creditors, and the inability to manage money. Giving assets away to qualify for Medicaid coverage of nursing home expenses is another big mistake. It could make you ineligible to receive Medicaid assistance for months or even years. Finally, none of us can predict the future. You may be able to afford to give assets away now, but what if you need those assets sometime in the future?

We can design a plan capable of protecting your assets for your enjoyment today and that of your loved ones after you are gone. The sooner you begin the planning process, the more options we will have to protect and preserve your wealth. But remember, it is never too late to plan. For example, even if you are already living in a nursing home, we may still be able to protect your assets while ensuring you receive the care you need. Contact us today to schedule a consultation with one of our Bloomfield Hills, Macomb, or Rochester Asset Protection lawyers.