St. Petersburg Asset Protection Attorney
You have spent your life working, accumulating savings, and maybe even starting and growing a successful business. You may have also started a family and provided a home, as well as a good quality of life for your loved ones. Without proper planning, you could lose the assets you have built throughout your lifetime faster than you think. A divorce may cause you to lose certain property, and just one lawsuit could put a significant amount of your assets at risk. If you ever suffer from a disability or long-term illness or injury, these could also quickly deplete your assets.
While no one wants to think that a. crisis will ever affect them, it is important to have a plan in the event that it does. If you wait too long, it may be too late. Below, our St. Petersburg asset protection attorney outlines how to protect your property, and your future.
A prenuptial agreement can help you keep certain assets if you ever get divorced in the future. Also known as premarital agreements, these legal documents can also outline how certain marital property will be divided, while also including a provision for alimony. If you have children with someone other than your spouse, a prenuptial agreement can also protect them without placing your spouse at a disadvantage.
Prenuptial agreements can also include the provisions of a will, and stipulate whether a spouse can take an elective share of the property according to the probate laws of the state. Without a prenuptial agreement, it is very difficult to ensure that property remains separate and is not divided during divorce.
Family Limited Partnerships
If you own a family business, or certain property that you want to ensure remains in the family, it is important that you protect these assets. A family limited partnership (FLP) is a popular tool that can effectively transfer ownership of the assets. With this type of structure, older members of the family typically take on the role of general partners while younger individuals usually act as limited partners. With an FLP, family members can co-own assets and transfer them to other family members when necessary without paying excessive capital gain taxes.
Special Needs Trust
If you have a child with special needs, any inheritance you leave them could put the government benefits they receive at risk. Government programs such as Medicaid and Supplemental Security Income (SSI) are based on a person’s needs. Any inheritance could be classified as an asset, which could reduce the amount of benefits your child receives. If you place the inheritance in a special needs trust, the assets will not be counted under the government programs, so your child can still receive the benefits they need.
Our Asset Protection Attorney in St. Petersburg Can Advise You of Your Options
When planning for the assets you have accumulated during your life, you have many options. David Toback is a St. Petersburg asset protection attorney who can advise you of what those are and help you determine which one is right for you. Call us now at 813-252-7529 or chat with us online to schedule a consultation and to obtain more information.