Do I Need a Trust?
You work hard during the span of your life, and as a result, might accumulate specific assets such as real estate, business, cars, jewels, art, or other liquid assets. These things may be very important to you and your family. In fact they might be invaluable. If you can relate, and you’re concerned about protecting your assets, be it personal or business related, from creditors, you should call an asset protection lawyer Arlington Heights, IL has to offer to learn about asset protection.
If you owe money to anyone and you’re concerned about being unable to protect your assets, call Bott & Associates, Ltd. right now.
Asset Protection in Arlington, Illinois
Each state has their own laws regarding asset protection, and Illinois is no exception to these rules. What you should understand is that most states have laws that do protect certain assets from creditors. If you don’t know these laws, you might risk losing assets that you should have been able to keep. In general, real estate between a certain value can be protected against creditors. The same is often true with animals, clothing, and books. Rings and/or other jewelry might also be protected up to a certain amount. An asset protection lawyer Arlington Heights, IL respects can explain the applicable protected assets to you during a consultation.
Who Might Pursue Your Assets
Now that you might feel relieved by knowing that some of your assets may be protected, you should understand who might be able to pursue those that are not protected.
- Your spouse
- Business partners
- Business associates
- Consumer debts
- Victims of a car accident
- Victims of a personal injury
- Corporate officers
- Corporate directors
- Shareholders of your business
- Customers of your business
As you might notice, this list is long and leaves a lot of room for the possibility of being threatened with a lawsuit. For this reason, if there is any threat of a lawsuit, or you wish to plan ahead, you should call an asset protection lawyer in Arlington Heights, IL for asset protection. There are things that an asset protection lawyer can do to protect your assets. You should know what this protection is and how to take advantage of it.
Do I Need a Trust to Protect my Assets?
An asset protection lawyer can explain all of the legal tools available when it comes to planning your estate. At Bott & Associates, Ltd., we help clients in the Arlington Heights, IL area determine the best estate plan options for their families and are available to meet and discuss what options would benefit your situation.
One of the most effective options you can use for estate planning is setting up a trust. Unlike a will, which is a document, a trust is actually a legal structure that instructs how your assets should be passed to your beneficiaries. A trust can also instruct when those assets should be distributed. There are several different types of trusts that you may set up and an Arlington Heights, IL asset protection lawyer can explain how each one may work for your family.
What Are the Benefits of Trusts?
Trusts offer protections for assets in areas that a will does not, however, it is important that the trust follows all federal and state rules and regulations in order for the trust to be valid. Your asset protection lawyer in Arlington Heights, IL can ensure this is done correctly.
Benefits that a trust can offer include:
Easy to Set Up: One you set up a trust and transfer assets into it, there is not much more you have to think about. Yet, you still have the ability to change or even cancel the trust at any time.
Avoid Probate Process: Unlike a will, a trust does not have to go through the probate process. Not only does this mean beneficiaries have access to their inheritance much quicker, trusts are totally private, unlike the probate process which is available to the public.
Remain in Total Control of Distribution of Assets and Property: You decide how assets are divided and who your beneficiaries will be. You can also decide when those beneficiaries will have access to funds. Under the law, the assets in the trust are automatically transferred to the beneficiary upon our death. However, you can decide if there should be someone else (a trustee) should oversight and control over the funds and that those funds are only used for certain expenses, such as education. For example, if one of your heirs has struggled with a substance abuse problem, you may decide it is better if they do not have control over the assets.
Assets Go to Exactly Who You Choose: Again, unlike a will, no other potential heirs can contest a trust like they can a will. This enables you to safeguard your assets to ensure they “stay in the family” or give you the option to make sure that certain family members do not receive any of your assets if that is your wish.
How to Protect Your Assets
An asset protection lawyer Arlington Heights, IL prefers works hard to ensure your assets are protected in the event someone tries to sue you. They can also help you to determine how your long term care, such as nursing home expenses, will be covered, as well as, how to avoid excess taxation. Some tools that may be utilized to protect your assets, and interests, may include:
- Asset protection trusts
- Medicaid planning
- Elder law planning
- Revocable trust
- Irrevocable trust
- Power of attorney
These are just some examples of what an Arlington Heights, Illinois asset protection lawyer can do for you in the event of a situation arising that may put your assets in a vulnerable predicament. If you would like to protect your assets, please call an estate planning lawyer from Bott & Associates, Ltd. to explore your options.
Contact an Asset Protection Lawyer Today
If you would like to find out more information about the different trusts options that are available to you, Bott & Associates, Ltd. can help. Call an asset protection lawyer Arlington Heights, IL clients respect to set up a free consultation.