Most common Kalamazoo Estate Lawyer services
Perhaps we all know someone who got into trouble and lost their valuable assets. This could have happened due to an accident, professional liability claim, or unpaid creditors. Whether successful or not, defending yourself can cost you a pretty penny.
Because there’s no harm in claiming another person, we have become an unduly combative society. Regrettably, we are ready to sue each other for an alleged offense.
As such, asset protection has become necessary for most people.
At Mall City Estate Experts, we help protect your assets by connecting you with experienced attorneys.
Asset Protection Planning and What It Entails
Protecting your assets doesn’t mean you have to hide them. It simply implies protecting your existing assets per the current state laws. This, in turn, reduces the chance of anyone making a liability claim against you.
The procedure begins with using federal and state law exemptions for several things. Jointly owned property, life insurance, and retirement plans – to name a few.
At Mall City Estate Experts, we use strategies to guard your wealth against any form of loss. Our lawyers track your assets, catalog them in a secure environment, and use their financial and technical knowledge to protect your assets in case of any unforeseen circumstances.
Some 100 years ago, anyone rarely needed asset protection. Why? Because people didn’t own more than life insurance, standard bank account, or real estate.
However, today, things are pretty different. Most people have complicated and diverse assets in several countries. As such, the need for asset protection comes naturally.
Our primary goal is to identify practical procedures to protect your assets from liability claims and taxation.
Types of Risks Regarding Assets
At Mall City Estate Experts, we utilize appropriate strategies to minimize risks associated with your assets. Here’s a quick look into the kind of risks you’re vulnerable to.
These risks typically arise from false claims and poor business deals – real estate deals, for instance. Other possible personal liabilities can include the following:
- When you co-sign a loan for someone who fails to pay it and receive a judgment against it
- When you have unpaid taxes
- Someone from your family led to your asset loss through their actions.
The potential creditor will reach your business assets if your business gets sued. On top of that, if your assets are involved in the business structure, they could be at risk, too.
At this point, sole trader with a legal entity has no chance of protecting their assets from a claim related to their business.
Kalamazoo professionals like dentists, lawyers, doctors, or people who run a business related to healthcare (including nurses) are often subject to professional liability claims.
Not only this, but people doing construction work, like builders and architects, are also targeted.
Find Kalamazoo Asset Protection Attorneys at Mall City Estate Experts
At Mall City Estate Experts, we connect you to experienced people that use legal means to protect your liabilities, creditor claims, bankruptcy, and more.
By hiring an estate lawyer with us, you get the best possible solution regarding your asset protection. Here’s how you can benefit from hiring an estate lawyer with us.
Our Kalamazoo Lawyers Are Well-Versed About the Asset Protection Laws
Perhaps you cannot go for a lawyer who doesn’t understand the essential state and asset laws to protect your property and assets. A skilled estate lawyer who has dealt with thousands of clients has an exceptional understanding of asset protection laws.
Working with us, we guarantee you all that and more. We connect you to lawyers that understand everything from property rights to wills to probate, taxes, and trusts.
Asset protection is certainly a complicated process and impossible without a knowledgeable lawyer. Not all estate lawyers can handle the process, and therefore hiring a lawyer who has specialized in asset protection is a must.
We Draft a Meaningful Asset Protection Plan
The process of asset protection cannot be executed without a solid plan. Our attorneys ensure to draft a meaningful asset protection plan to ensure your assets and property are safe.
We create plans for your short and long-term goals. Our lawyers will assist you throughout the procedure if you have any concerns regarding the project.
We Work Per Your Needs
You might need an asset protection plan for your business or yourself. Our attorneys tailor their services to your specific needs.
Essentially, the process involved in business and personal asset protection varies, and our estate lawyers understand diverse processes. This helps them offer solutions that work according to your requirements.
We Help Before a Lawsuit
Although there are different ways to protect assets after getting sued, there’s no better way to hire an asset protection lawyer beforehand.
We can help block creditors from eyeing your assets. However, for that reason, you need to connect with us before the worst happens.
We Implement the Right Asset Protection Strategies
We understand the appropriate strategies needed to protect your assets. Our Kalamazoo trust estate lawyers consider your financial situation and offer relevant, suitable solutions accordingly.
At Mall City Estate Experts, we aim to resolve your issues and concerns by implementing various strategies. These include:
Our lawyer will likely recommend it if you do not have liability insurance already. It works excellently as your first defense line against lawsuit liabilities. Plus, you can use it for both your business and home.
Limited Liability Company
If you are a business owner, a limited liability company can be your best bet. It protects your assets from costly lawsuits. Also, LLC shields your assets from creditors that may want to take a big slice out of your valuable assets. However, note that LLC comes with a few limitations because it creates an individual identity for the owner and the business. For instance, you’ll still be liable to pay debts from your company (if any). But they won’t affect your home or personal account. If someone drafts a claim against your business, an LLC will protect your assets.
Legal Agreements and Procedures
Not utilizing legal procedures and contracts, you are prone to losing assets to creditors. Our lawyers draft legal agreements and ensure you follow guidelines to protect your assets.
We Limit Exposure to Potential Liability
Your business might expose you to higher potential liability than your spouse’s job. As such, it is always a good idea to divide assets.
Simply put, you’ll keep the assets and income from your job, and your partner can own other valuable assets and investments.
Generally, creditors can only target the assets that belong solely to you. Another possible way to limit potential liability is by giving your support to trusts. Once you entrust your assets, they take ownership of your assets and no longer belong to you.
We offer the best ways to protect your assets from creditors and save money you might spend in the process. The estate lawyers at the Kalamazoo estate attorney are familiar with creditor/debtor and bankruptcy law.
Also, they know how fraudulent conveyance laws apply to the planning.
Asset Protection Strategies We Use
Our professional attorney assesses the current situation and identifies your future goals. This helps them design an intelligent strategy to accomplish their goals. We prepare legal documents to implement the plan we draft.
- A testamentary trust is one of the primary ways to protect your wealth. This gives you greater control over your assets’ distribution to beneficiaries. It reduces the taxes they pay from the income they earn from their inheritance. Besides, it also protects assets from overspending by beneficiaries.
- We control and manage your assets by helping your beneficiaries shield their inheritance in the event of divorce or separation. They can access their heritage through a trust. As such, any belongings your loved ones inherit belong to the faith, and they are not vulnerable to split between two parties for any reason.
- When trust takes control of your assets, it also minimizes taxes. Our lawyers protect your wealth and guide you to minimize your beneficiaries’ tax liabilities.
Our estate solutions offer suitable trust structures to fulfill your goals. Besides, our estate attorneys assist you in setting up trust structures and preparing legal documents that ensure your investment structure is integrated into a more comprehensive estate plan.
Get in Touch With Us
We want to hear from you about your estate law concerns. No legal issue in Kalamazoo is too big or too small for our experienced team!
Wills and Trust
Indeed, a well-structured estate plan reassures that your property, money, jewelry, and other belongings are distributed per your will. Undeniably, wills and trust are the two primary components of the estate plan, and we ensure to provide you with suitable solutions.
A will is a significant part of your estate plan. It enables you to choose who will manage your estate, how your assets will be distributed after you die, and who will look after your children.
Regardless of your age, you must have an up-to-date will as a part of your estate plan. At Mall City Estate Experts we ensure to accomplish what you intend. Here are several services you access by hiring an attorney who takes care of your will.
- Without a will, your state laws determine what will happen to your assets. In most cases, they distribute your investments among the closest relatives. However, you may want to entrust them to someone else. A will helps you highlight who you want to grant them to.
- You can nominate a guardian for your children with a will. A guardian takes care of your kids and manages their assets for you. This comes in handy if your children are too young or incapable of handling things independently.
- You are free to leave gifts and assets to any person of your choice. It can be a relative, partner, child, or charity organization. You can make the estate general (like a percentage of your real estate) or specific (like cash, jewelry, pet, etc.)
- A will also allow you to choose an executor who acts as your legal representative after you pass away. Everyday duties they perform include asset collection, paying any taxes you own, or administrating your estate to your heirs.
- You can also create testamentary trust through a will. It highlights the terms and conditions of the faith, the trustee, beneficiaries, the distribution process, and more.
While this will essentially entail any procedure that is carried out after your death, a living will take care of you when you are alive. It outlines the kind of medical care you want to receive if you become disabled or are unable to express your wishes.
Our Kalamazoo lawyers help create both a will and a living will for you to take care of your assets after your death and cater to your medical needs during your life.
Perhaps nobody likes to think about such instances, but life happens, and preparing for unforeseen circumstances is always better. We connect you to lawyers that give the best advice about the will.
Because we focus less on the money and more on client needs and satisfaction, we ensure that our clients make the most out of our services.
A will safeguards your assets and manages taxes and other related costs.
You can also benefit from an unlimited marital tax deduction by hiring a lawyer with us. These deductions indicate that if your spouse survives and your will states your estate should be entrusted to them, your property won’t be taxed at this point.
A trust is a legal organization that makes it easy for you to give your assets to someone (you want to). This can include any asset, including real estate, stocks, cash, bonds, and more.
As stated earlier, trusts aren’t just for the rich; they are for anyone who wants to manage their estate during their life and after they pass away. Now, the type of trust you select for estate planning depends entirely on your preferences and unique goals.
- If you want to decrease probate costs and give your estate to your beneficiaries outright, you may want to go for a revocable trust with greater privacy.
- Those wanting to provide for their family after death would prefer a testamentary trust.
Simply put, the type of trust you pick differs per your needs. We help you sort out your requirements and suggest you an appropriate trust. Even if you are clear about your goals and wants, perhaps you do not know a suitable trust to entrust your assets.
All you need to do is talk to our attorney and specify your needs. For instance, you need to declare the names of heirs whom you want to benefit from the trust. These can include your friends, family members, kids, or a charity firm.
A trustee helps you set up the trust. They manage and distribute your assets per the trust’s terms and policies.
Note that you aren’t bound to name a single trustee; you choose more than one. Regardless of whom you nominate, they must act in the best interests of your heirs.
Here’s how trust helps you regarding your estate plan:
- A trust provides you with financial and medical support in the event of an accident or an unforeseen disability.
- Manages all your estate taxes.
- Safeguards your assets from potential creditors
- Protect your estate for your kids until they become capable of handling it on their own.
Further, at Mall City Estate Experts, our lawyers state different types of trust and help you choose the one that best suits your needs. General trusts include the following:
- A revocable trust is one that the giver can alter or cancel at any time. They keep the ownership of the property that belongs to the faith. Because they retain legal ownership of the property in the trust, the income belongs to them, and they must report it on their tax returns.
- An irrevocable trust cannot be altered without the heir’s permission. When a grantor establishes this type of trust, they transfer legal title to the trust’s property, relinquishing control.
- A special trust supports people with special needs. For instance, they care for an individual by financing their medical care.
- The charitable trust manages all the assets you left for a charitable organization.
Perhaps each trust follows specific terms and conditions that need to be met for you to choose one. We connect you with lawyers that understand the laws and give you the best advice about the legal actions to take.
We are more than just a service wanting to offer you knowledgeable lawyers; we seek to protect your and your spouse’s assets and give you much-needed care.
Now is the right time if you haven’t thought about creating an estate plan. Call today to talk to our customer service, and we’ll lighten the burden of your estate plans.