You’ve worked hard to build your legacy and ensure your loved one’s financial stability. But you may worry that a single mistake or health crisis could jeopardize everything you’ve worked for. An Indianapolis asset protection attorney at Barnes Cadwell Law can help you create a personalized strategy that helps you retain your assets. To learn more about our asset protection services, contact our office today.
What Is Asset Protection Planning?
Asset protection is a form of financial and estate planning that aims to keep your assets within your estate and out of the hands of your creditors.
While not all asset protection strategies are legal — you can’t hide assets or fraudulently transfer them to someone else — there are legal and effective ways to protect your legacy. An asset protection lawyer at Barnes Cadwell can help you build a plan.
Common forms of asset protection include:
- Asset protection trusts
- Beneficiary trusts
- Spendthrift trusts
- Creation of a limited liability company (LLC) or another business organization that reduces your personal liability
- Nuptial agreements
- Pension and IRA planning
- Shifting risk through valid contracts and business restructuring
- Insurance policies
An asset protection trust is an irrevocable, inter vivos trust. In other words, you fund the trust and place your property in it while you are living — and you typically cannot terminate or modify it. You also cannot have direct access to the trust and its assets, although you can name other beneficiaries, such as your children. When properly built and funded, assets in these trusts should be shielded from most creditors.
When to Consult an Asset Protection Attorney
You may think that the only people who need an asset protection attorney are the very wealthy. But that’s actually a huge misconception. At some point in their life, almost everyone could benefit from an asset protection plan. It’s time to consult with an asset protection lawyer if:
- You’re about to get married and you or your spouse have significant assets or debts
- You’re considering divorce
- You own a business
- You’re getting older
- You’re starting to become financially stable and want to protect your assets
- You’re concerned that your loved ones aren’t financially responsible and will quickly deplete your estate after your death
Note: If you have a significant family medical history, and you’re concerned that you’ll need long-term care someday, you may want to consult with a law firm with unique expertise in Medicaid planning. The State of Indiana’s Medicaid Recovery staff is pursuing Medicaid claims more aggressively than ever. Proper planning, done well in advance, can protect your legacy assets for your heirs. Barnes Cadwell Law can recommend a firm with that expertise.
The asset protection team at Barnes Cadwell Law helps people at every stage of life. If you’re ready to learn more about our asset protection services and how they could help you, contact us today.
We Offer Comprehensive Asset Protection Plans for Indiana Individuals and Businesses
When you work with an experienced asset protection attorney at Barnes Cadwell Law, we’ll help you understand your full array of legal options. We work closely with our clients, taking the time necessary to understand both their short and long-term goals. And we pride ourselves on our strong channels of communication and practical approach to asset protection.
We help our clients create comprehensive asset protection strategies that address:
Creditors’ Claims
Assets can be protected from claims of creditors, whether arising from contract or tort, through proper planning and structuring of assets.
Divorce or Dissolution of a Marriage
Protect your assets and avoid your spouse’s debts with either prenuptial agreement or postnuptial agreement.
Business Claims
Operation of a business enterprise (for example, rental properties) can give rise to a myriad of potential claims — foreseeable and unforeseen. Structuring your business enterprise as a separate legal entity (often a limited liability company is the best option) can protect personal, non-business assets from claims of business creditors.
Financial Planning
Diversification of investments, living within your means and investing within proper risk tolerances is crucial. While the attorneys at Barnes Cadwell are not financial planners — they work with a number of certified public accountants, certified financial planners, and insurance professionals who can provide a coordinated and comprehensive plan to protect your assets.
Planning for Unexpected Risks
An Indianapolis asset protection attorney can help you establish trusts, corporate structures, and Limited Liability Companies, along with insurance protections can address and mitigate unforeseen threats.
Last-Minute Asset Protection Plans Rarely Work. Well-Crafted Strategies Require Time and Preparation
Our lawyers regularly get calls from people who are about to file or are going through a divorce, just got served with a lawsuit, or have other pressing reasons they want to protect their assets. Unfortunately, the longer you wait to create an asset protection plan, the fewer legal options you may have.
Instead of waiting to the last minute and increasing your risk of “fraudulent transfer” allegations, it’s best to consult with a skilled asset protection attorney proactively. We can help you understand your potential risks, suggest practical steps that may protect your assets, and craft a plan that reflects your personal goals and priorities. Just as importantly, our Indianapolis estate planning and probate attorneys can continue to monitor legal developments that may impact your asset protection plan’s legal compliance.
Schedule Your Consultation With an Indianapolis Asset Protection Attorney
If you’re ready to learn more about how you can protect your property and ensure your loved one’s financial stability, request a consultation with an asset protection attorney at Barnes Cadwell Law. Our lawyers work with both businesses and individuals that want to limit their risk and plan for the future, either through asset protection, estate, or business succession plans.