Personalized Development Of Legal Tools For Asset Preservation In Your Estate Plan
Although estate planning is an invaluable process to protect your assets and finances in case of incapacitation or your passing, asset preservation is also an important tool to protect your money and property. It refers to a part of financial planning to prevent wealth losses, take advantage of tax benefits and avoid unfavorable situations like asset seizure.
The assistance of an experienced asset preservation lawyer can make a positive difference in your planning. At Terrell Law Firm, I develop sophisticated asset preservation strategies for individuals and business owners in Oklahoma.
For over three decades, I have gained a comprehensive outlook on asset preservation based on my experience in estate planning and real estate and business law. My goal is to provide you with all the options and potential scenarios to help you make the best decisions to preserve your assets.
Legal Assistance To Choose The Right Legal Tools
The proactive development of asset preservation tools can positively impact your finances and assets. Whether your assets belong to your family or are part of your business, I will help you review your options to protect your assets from creditors or limit your liability from your business operations. I can also help you decide on the tools to pass on property to your loved ones more efficiently.
Some of the most common asset preservation tools include:
- Revocable and irrevocable trusts. A settlor (the individual or entity who sets up the trust) can manage their property while it is no longer in their name; this protects such property from the settlor’s creditors.
- Tenancy by the entirety. This involves real estate property shared entirely by a married couple. If one of the spouses dies, the other will inherit the spouse’s half of the property.
- Insurance policies. Individuals and businesses can protect their assets in case of accidents or liability, like professional or employment practice liabilities.
Estate planning and asset preservation work hand in hand; while asset preservation actions focus on maintaining your assets and their value, estate planning defines to whom and how those assets will pass on. I, attorney Dave Terrell, am ready to help you navigate the intricacies of asset preservation and estate planning and implement the most suitable legal tools according to your needs.