Act in Advance to Preserve Assets
There are individuals who are naturally more exposed to potential legal actions than others, and for
these people asset protection should be a priority. You have to act in advance to preserve your assets
because your hands are tied once a suit is initiated.
The best way to proceed is to sit down and discuss your unique situation with an experienced estate
planning attorney. Ideally, the goal should be to fold asset protection into a comprehensive plan that
sets you up financially throughout your life while culminating in the passing along of a robust legacy.
One way that people often protect their homes from creditors or claimants is by placing the properties
into qualified personal residence trusts (QPRTs). You also gain tax advantages by going this route
because you remove the house from your estate.
There is the gift tax to deal with, but the taxable value of the home is greatly reduced as you retain
interest in it while you continue to live there. It should be noted that these trusts can be utilized for a
second property as well, and this is a per person allotment so your spouse could also place two
properties into QPRTs.
This is just one asset protection tool that may be appropriate under some circumstances. Other
possibilities include limited liability companies, family limited partnerships, offshore trusts, and family
Should you like to discuss your financial future with an expert, there's no time like the present. Take
action right now to arrange for an informative consultation with a seasoned and savvy San Jose estate
Experienced estate planning attorneys Campbell CA of the Law Office of Roy W. Litherland offers
estate planning and business planning resources to residents of Campbell CA. To learn more about
these free resources, please visit www.attorneyoffice.com/ today.