Protect Your Assets With an Estate Plan

You are likely concerned about how to protect your assets during uncertain economic times. The good news is that there are several estate planning steps that you can take in an effort to protect your property from creditor claims. In addition to preserving your financial security, shielding assets from creditors means that future generations can inherit a larger share of your net worth.

How an Irrevocable Trust Can Protect Your Assets

A trust is an estate planning tool that allows you to hold assets outside of your estate. An irrevocable trust is one that is controlled by an independent trustee who has a fiduciary responsibility to the beneficiaries. Since you do not control the assets inside of an irrevocable trust, creditors are not allowed to seize them for any reason. This can be helpful in the event that you lose your job or experience a loss in income that makes it difficult to pay your bills.

An Annuity May Shield Your Money from Creditor Claims

State and federal law generally allow creditors to pursue a percentage of any annuity payments that you receive. However, these payments may receive greater protection from creditor claims if you file for bankruptcy. In most cases, you will be able to keep whatever you need to reasonably support yourself and any dependents who you are responsible for.

Talk to a Professional to Learn More

An estate planning lawyer in Las Vegas may be able to help you craft an estate plan that protects your assets during unpredictable economic times. Alternatively, you may be able to learn more about creating a stronger future for yourself and your family by talking with a wealth management professional.