Mullica Hill Asset
Protection Lawyer

Mullica Hill Asset Protection Lawyer

Most people work hard their whole life and for that hard work, they obtain and accumulate many assets. Sadly, many situations arise in life that put those assets at risk. These include claims from creditors, personal injury claims filed against individuals, and divorce. When people risk losing their assets, it is more than just property they are losing. They often view it as losing a lifetime of work.

Estate planning and asset protection are very different things, but they use similar legal resources, and often, plans for each overlap. As a result, anyone who creates an estate plan must also consider whether asset protection is also something they want to consider. Asset protection is just that. It is about protecting a person’s assets from being lost to someone else, or another entity. Estate planning, on the other hand, is about preserving and distributing a person’s assets in the event of their death. A Mullica Hill asset protection lawyer can help with either type of plan.

How Can Assets Be Protected?

There are many tools a person can use to protect their assets. Some of the most common include:

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

Although these tools all act to protect a person’s assets, they are all very different. People must understand how they work, and what those differences are.

Wills

Family situations are always unique and no one family structure will ever be identical to any other. As such, any time a will is drafted, it too, must be unique and reflect the needs of the creator. Our Mullica Hill asset protection lawyer will always advise you of the laws that govern these legal documents and create a will that reflects the needs of you and your family, while also minimizing the tax consequences that may also play a role.

Trusts

Trusts are often an important part of many asset protection plans and they can help an individual’s goals for asset protection. Still, using a trust is not right for everyone, while sometimes, even small estates require multiple trusts and comprehensive planning to ensure they meet the needs of a person and their family members. Trusts are particularly useful when they can not only protect a person’s assets but also ensure that those assets grow in value.

Living Wills, Powers of Attorney, and Healthcare Proxies

Living wills are legal documents that outline a person’s wishes regarding the healthcare they receive, and certain types of medical treatment they do not want to receive. Too many people mistakenly believe that when they are in a loving relationship, such as a marriage, they can automatically represent their loved one’s wishes. Unfortunately, this is not the case.

Hospitals, financial institutions, and government officials will not consider the relationship of a person when decisions have to be made. To ensure an individual’s wishes are fulfilled in the event they cannot convey or make those decisions on their own, they must have prepared a living will, power of attorney, or a healthcare proxy. Still, these documents are only useful if they are properly executed and if they comply with the law. Hospitals today run like efficient, busy businesses. Individuals must let loved ones and others they trust know their healthcare wishes in advance to ensure they are upheld.

Medicaid Planning

Many people do not understand that Medicaid will not cover the costs of long-term care, such as home care. As people get older then, they become concerned that these important benefits will not be there for them as they continue to age. These fears are extremely common and so, people should never think they are alone.

Most middle-class individuals will one day have to decide to use their assets to pay for the cost of their healthcare. Fortunately, it does not have to be this way. It is true that the Deficit Reduction Act, along with other laws, have greatly reduced the number of options people once had, but the chances of preserving assets for beneficiaries and family members increases the sooner a person takes the necessary action, which means the younger they are at the time of taking those important steps. A Mullica Hill asset protection lawyer can provide the important Medicaid planningadvice a person needs.

Tax Planning

Every asset protection plan and estate plan must be carefully analyzed to identify any tax consequences that may apply. Unfortunately, the success of these plans is sometimes impacted by the creation of new laws or decisions made in landmark cases. A Mullica Hill asset protection lawyer will listen carefully to your long-term goals and advise on any tax implications you may face.

Business Continuity Planning

Business owners must create a plan for the continuation of their business when they are no longer able to run it. The majority of business owners spend most of their lives trying to build their company into a great success. That success, however, can greatly be hampered by the illness, death, or retirement of the owner. This is devastating for businesses when there is not a plan in place. A Mullica Hill asset protection lawyer can advise on the right approach for naming a successor and for protecting the business.

Protection from Litigation and Creditors

A crucial part of any asset protection plan is to protect against claims from creditors and any potential litigation that may occur in the future. There are many tools available that can provide this protection and a Mullica Hill asset protection lawyer can advise on what those are, and which one is best for any given situation.

Call Our Asset Protection Lawyer in Mullica Hill Today

Whether you are a business owner or an individual that does not yet have an asset protection plan in place, it is time to start preparing for what the future may bring. At Scott Counsel, P.C., our Mullica Hill asset protection lawyer can create a comprehensive plan that will protect you, your loved ones, and your business venture. Call us today at (856) 672-7248 or contact us online to schedule a consultation and to obtain the sound legal advice you need.