Fort Lauderdale Attorneys for Asset Protection Trusts
Maximizing inheritance through proactive financial planning
Florida is known for its favorable tax system, but friendly regulations alone are not enough to safeguard your estate from creditors, federal taxes, and, in some cases, exes. You need an intelligent asset protection strategy in your estate plan to ensure your legacy is distributed to the people and causes that are important to you.
At The Levy Firm PLLC, we use estate planning tools, including asset protection trusts, to protect your health and legacy.
What is an asset protection trust?
“Asset protection trusts” is an umbrella term for any type of trust that prevents one or more obligations from filing a claim. Assets and circumstances will determine which APTs can be tailored to best suit your needs and goals. However, with the right APT, an eligible individual could potentially shield significant qualifying assets from the following and other obligations:
- Credit Card Debt
- Medical Bills
- Business Liabilities
- Legal Judgements
- Tax Debts
- Divorce Settlements
- Personal Loans
- Real Estate Liabilities
- Bankruptcy
Asset protection plans are not just for the wealthy. Estates of all sizes can benefit from strategic planning. Contact The Levy Firm PLLC to schedule a confidential free consultation. Fort Lauderdale trust attorney Geoff Levy can gather the details over conversation and discuss whether asset protection trusts are the right tool to achieve your goals.
Types of asset protection trusts (APTs)
Asset protection trusts are a component of many estate plans. Choosing the right one typically involves assessing your estate and determining your goals. Depending on the size and organization of your estate, this could be smooth or difficult. Common types of trusts that can be customized for asset protection in Florida include:
- Revocable Living Trusts. These trusts allow individuals to manage their assets during their lifetime and specify how they should be distributed to beneficiaries upon their death. They offer flexibility because the terms of the trust can be altered or revoked as needed. However, because you still control the assets in a revocable trust, they are not as well-protected as assets in other types of trusts.
- Irrevocable Trusts. Once established, the terms of these trusts cannot be easily modified or revoked. While you lose flexibility, this arrangement may offer better protection than a revocable trust.
- Foreign Asset Protection Trusts. These trusts are established in jurisdictions outside the United States and may offer higher levels of asset protection and privacy, but there are risks.
- Annuities. These financial products provide regular payments to an individual over a specified period, often used for retirement income planning or as part of a customized holistic estate planning strategy.
Who can benefit from asset protection?
Strategic asset management can benefit you whenever it is done, but to get the most out of the financial arrangement, you should be proactive about establishing asset protection trusts. Consider establishing asset protection trusts if you are a:
- Business Owner
- High-Net Worth Individual
- Adult Over 30
- Parent, Legal Guardian
- Medical, Legal, or Financial Professional
- LGBTQ Couple or Family
- Divorced or Remarried
- Athlete or Entertainer
- Lottery Winner
- Immigrant with Families
- Own Foreign Property or Property in Multiple States
Florida extends some asset protection to non-residents, as well. Contact Geoff to learn more about how ATPs could be used in your situation.
Protect what matters most
You are not required to have an attorney to draft an estate plan, but it is highly recommended. Geoff is an experienced Fort Lauderdale estate planning lawyer specializing in asset protection trusts and wills. He has over 10 years of experience providing legal services throughout South Florida. If you need to protect your assets and legacy, contact us to schedule a free consultation with Geoff.