You’ve Worked Hard to Get Where You Are Today

Unfortunately, your assets are vulnerable to a number of threats that extend beyond mere financial concerns; they can jeopardize your peace of mind and the well-being of your loved ones. The vulnerability of assets to creditors, divorce proceedings, and the high-cost expenses of long-term care creates the need for proactive asset protection measures. The assets you leave to loved ones are vulnerable to these same threats, as well as an heir’s poor decisions if he or she is not yet mature enough to manage an inheritance.

Also consider this: more lawsuits are filed in the United States than in the rest of the world combined. While some lawsuits seem frivolous at best, you never really know what a judge or jury might decide. 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, designed by an attorney who focus on this area of law.

Your plan must accomplish two main goals. It must protect you and your spouse now, and your heirs’ inheritances after you are gone.

Your asset protection plan is like building a strong wall around your money to keep it safe from trouble during your lifetime. It acts as a shield, shielding both you and your spouse from the diverse range of threats highlighted earlier, including creditors, divorce proceedings, predatory actions, and the potentially high-costs associated with long-term care. By fortifying your financial defenses, your plan ensures that your assets remain safeguarded, preserving your financial stability and peace of mind during your lifetime.

Equally crucial is the plan's role in securing the future of your heirs. Beyond protecting your assets during your lifetime, your plan must also protect your legacy, ensuring that the inheritances you leave behind are shielded from similar threats even after you're no longer present. This entails creating strategies to shield your heirs from potential mismanagement, external claims, and other risks that could jeopardize the integrity of their inheritance. By safeguarding your legacy, your asset protection plan ensures that your heirs can inherit not just wealth, but also the security and opportunities it affords, leaving your legacy for generations to come.

At Biddinger, Schrot & Rolando, PC, we use a wide range of tools and strategies to protect your hard-earned assets today, tomorrow, and for future generations. These include:

Trusts:

Trusts are powerful tools for safeguarding your assets. By transferring your assets into a trust, you establish a legal arrangement where a trustee manages and distributes those assets according to your instructions. This arrangement can shield your assets from creditors, divorce settlements, and other threats, ensuring that they are preserved for your intended beneficiaries. Additionally, trusts can provide flexibility in how and when assets are distributed, allowing you to tailor the plan to your specific needs and circumstances. Overall, trusts offer a reliable means of preserving your assets and securing your legacy for future generations.

Insurance:

Auto insurance, homeowner’s insurance, rental insurance, and other types of policies can protect your personal assets against lawsuits. For some people, long-term care insurance offers a way to manage the high-cost of home care, assisted living, and nursing home care. We are happy to work with your existing advisors to coordinate insurance with your estate plan.

Choice of Business Entity:

For business owners and farmers, strategic incorporation and other entity selection strategies can protect personal assets from business-related liabilities. These measures are just a fraction of the comprehensive arsenal we can deploy to ensure the security of your assets both now and in the future.

These are just a few of the tools and strategies we can use to protect your assets for your enjoyment today and that of your loved ones after you are gone. We know that everyone has unique circumstances that require a customized approach aligned with their specific needs, aspirations, and family dynamics.

We have helped hundreds of Michigan families protect their hard-earned assets and welcome the opportunity to do the same for you. Contact us today to schedule a personal meeting with one of our Thumb of Michigan asset protection attorneys.