Asset Protection

Developing a business succession plan is an important step in the estate planning process. Business owners should have a comprehensive business succession plan that covers a variety of scenarios, including retirement, injury, illness, inheritance, and selling the business. A Read more . . .

Many people assume they will live at home until their deaths and will not need long-term care. Other people assume they will not need long-term care for many years, so they have ample time to plan for nursing home care or assisted living. However, you never know when you may need long-term care. Depending on your situation, long-term care can be extremely expensive. For your family, the cost of long-term care can be an overwhelming financial burden.
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As a general rule, every asset that you own should be included as part of your bankruptcy estate. If your parents are filing bankruptcy, this rule will apply to them as well—unless they have a specific type of trust.

Children may be particularly interested in this issue because when parents file bankruptcy, it may put their inheritance at risk. With proper planning, however, trust assets may be safe from creditors, even when a parent files bankruptcy.

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You may not believe that you need asset planning right now; however, once you realize you need to protect your assets, it may be too late to do so. Our California asset protection lawyers utilize a variety of asset planning strategies to help our clients protect assets, including real estate, inheritance, liquid assets, personal property, and lawsuit settlements.

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