Hammonton Asset Protection Lawyer

Hammonton Asset Protection Lawyer

People work hard throughout their life and as a result, they accumulate certain assets. Unfortunately, many scenarios place these assets at risk. These include the dissolution of a marriage, personal injury claims against a person, and more. When a person’s assets are at risk, it is devastating, as they risk losing the things they have worked a lifetime for.

Although asset protection and estate planning are different areas of law, the tools used in each are often overall. As such, it is always recommended that anyone setting up an estate plan also considers whether asset protection is right for them. While the goal of estate planning is to preserve and distribute a person’s assets among loved ones or charities, asset protection involves preserving a person’s assets against creditors and potential future lawsuits during the individual’s life.

Asset Protection Tools

There are many tools a Hammonton asset protection lawyer will use when assisting clients. Some of these may include:

• Wills
• Trusts
• Medicaid planning
• Living wills, healthcare proxies, and powers of attorney
• Tax planning
• Creditor/litigation protection planning
• Business continuity planning

Below, we explain each of these tools in more detail.

Wills

No two family scenarios are identical, so every will drafted must be unique, which means they have to be drafted almost from scratch. Our Hammonton asset protection lawyer will create a will account for your final wishes that minimizes the tax consequences while keeping in accordance with the relevant laws.

Trusts

Creating an asset protection plan often requires the identification and drafting of a trust or multiple trusts that will help achieve a person’s estate distribution and asset protection goals. Using a trust for asset protection is not appropriate in every situation. Still, there are times when even small estates require in-depth planning. A Hammonton asset protection lawyer will not only protect an individual’s assets but will also ensure their value grows.

Medicaid Planning Through Asset Distribution and Trusts

Many people do not realize that Medicaid does not cover the cost of healthcare expenses associated with home care and other long-term care. This is of great concern for individuals who are getting older and are worried about the health benefits that will be there for them as they age. They are not alone.

The majority of middle-class Americans will have to make the hard decision to use their assets to pay for their own healthcare needs. This does not have to be the case, though. Although the Deficit Reduction Act and other laws have greatly limited the number of options available, the chances of preserving property for family members and beneficiaries are much greater the sooner a person acts, and the younger they are at the time. A Hammonton asset protection lawyer can provide comprehensive Medicaid planning advice for individuals in New Jersey.

Powers of Attorney, Healthcare Proxies, and Living Wills

A living will is a legal document that outlines the wishes of a person with regards to the healthcare they receive, or that they do not wish to receive. Many people assume that when a person is in a loving relationship, they will automatically be able to represent the wishes of their loved one. Many people in a long-term marriage, for example, believe this is the case. Unfortunately, that is not true.

Government offices, costs, financial institutions, and hospitals will not consider the relationship of a person when they are making decisions. To ensure a person’s wishes are upheld when they cannot make or convey decisions on their own, they must draft a formal power of attorney. A power of attorney must comply with the law and be properly executed. Hospitals today are very busy places and they are meant to run like high-efficiency businesses. Individuals must communicate their healthcare wishes clearly to a loved one so they are upheld.

Tax Planning

Every estate plan and asset protection plan must involve a thorough and careful analysis of the applicable tax consequences. The satisfaction or success of such an analysis is sometimes limited by the uncertainty of possible legislation or court decisions. It is important to speak to a Hammonton asset protection lawyer that can advise on any tax implications associated with a person’s long-term goals regarding their assets.

Planning for Protection from Creditors and Litigation

Protection from creditors and litigation is a crucial part of any asset protection or estate plan. Comprehensive plans are necessary to protect assets from companies and individuals alike. For example, while a living trust may not protect assets from being seized by creditors or a plaintiff in a lawsuit, an asset protection trust can protect both. It is essential that these trusts are drafted properly or they will likely be considered void by the courts, which is why it is so important for individuals to work with a Hammonton asset protection lawyer.

Planning for the Continuation of a Business

One of the most commonly overlooked aspects of asset protection and estate planning is a plan for the continuation of a business. Business owners work hard for much of their lives trying to build a successful company. If the owner passes away or retires without a plan, it will have devastating effects on the business.

Like the laws that pertain to individuals who have passed away without a will, some laws are meant to help administer estates when there is not a plan in place. Also, like the state’s intestacy laws, these laws are often not enough to fully protect a business. Creating a plan ahead of time will help ensure the viability of the business not only for the owner but also for their employees and loved ones.

Schedule a Consultation with Our Asset Protection Lawyer in Hammonton Today

You have worked hard to accumulate your assets and you need to prepare a plan to protect them. At Scott Counsel, P.C., our Hammonton asset protection lawyer can draft a thorough plan that will protect you, your business, and your loved ones. Call us today at (856) 485-4585 or fill out our online form to schedule a consultation and to learn more about how we can help.