At Slowik Estate Planning, we understand the importance of guarding your assets from potential risks. Whether you're concerned about creditors, lawsuits, or long-term care costs, our Asset Protection services are designed to help you protect what you've worked hard to build.
Asset protection is a crucial component of any comprehensive estate plan. It involves strategies to shield your wealth from unexpected events that could deplete your estate. With the right legal tools, you can ensure that your assets remain secure, providing peace of mind for you and your loved ones.
How we work with you
01
Initial Consultation
02
Assessment and Analysis
03
Document Preparation
04
Implementation
05
Ongoing Support
What are the benefits of asset protection?
- We help you identify and mitigate potential risks that could threaten your assets.
- Our team is experienced in asset protection laws, ensuring that your plan is legally sound and effective.
- Knowing your assets are protected allows you to focus on your life and future, free from the worry of financial loss.
- We tailor our asset protection strategies to your specific needs, ensuring optimal protection for your wealth.
- Our strategies are designed to protect your assets not just today, but for the long term, guarding your legacy for future generations.
Asset Protection Program
Benefits
- Irrevocable trusts remove assets from your direct ownership, shielding them from creditors and lawsuits.
- DAPTs allow you to retain some control over your assets while still protecting them from creditors.
- SLATs can be designed to allow you to transfer assets out of your estate while still indirectly benefiting from them through your spouse, reducing estate taxes and offering some creditor protection.
- We offer a range of specialized trusts tailored to your specific needs, such as Medicaid Asset Protection Trusts (MAPTs) to qualify for Medicaid while preserving your assets.
Irrevocable Trusts
Domestic Asset Protection Trusts (DAPTs)
Spendthrift Trusts
Spousal Lifetime Access Trusts (SLATs)
Specialized Trusts
Frequently Asked Questions
What is asset protection?
Asset protection involves legal strategies to safeguard your wealth from risks such as creditors, lawsuits, and long-term care costs. This includes using tools like trusts, LLCs, and insurance to shield your assets. Asset protection is essential for individuals with significant assets, business owners, or those concerned about potential financial liabilities.
Who needs asset protection?
Anyone with substantial assets, a business, or concerns about potential financial risks should consider asset protection. This includes individuals with significant personal or business wealth, professionals in high-risk occupations, and those concerned about potential lawsuits or long-term care costs. Asset protection is also valuable for people seeking to preserve their estate for future generations and avoid financial loss due to unforeseen circumstances.
How does a trust protect my assets?
Trusts protect your assets by placing them into a legal entity that separates them from your personal ownership. For instance, irrevocable trusts remove assets from your estate, thereby shielding them from creditors and legal judgments. Domestic asset protection trusts (DAPTs) allow you to retain some level of control over your assets while offering protection from creditors. Specialized trusts, such as spendthrift trusts, protect beneficiaries from losing assets due to financial mismanagement or legal claims.
