Protecting Assets in Berrien County, MI
Protecting your assets is essential if you wish to secure a future for your family and determine how your property is disbursed. A legally valid asset protection plan guards against creditors, protects you from flippant lawsuits, and ensures everything you’ve worked for is safe.
Asset protection is a proactive decision you can make. It’s related to estate planning, but there are differences to consider. These strategies ensure your assets are safe, allowing you peace of mind for your family’s security. Serving Southwest Michigan, Legacy Counsel offers comprehensive and meticulous asset protection services. We ensure that every asset is accounted for and reflects your needs, family dynamics, and business interests.
Call 269-932-4017 for a consultation.
Protect Your Assets?
Creating a plan to protect your assets is essential to keeping your family’s future safe.
- Safeguard Assets: Assets that are protected, like in a trust, makes it harder for creditors to access them.
- Make Designations: An asset protection plan allows you to control who gets your property and who is responsible for it in the event of large life changes.
- Defend Against Lawsuits: Take proactive measures to guard your assets and prevent loss through lawsuits.
- Access Medicaid: Your financial position can determine eligibility for Medicaid services. An asset protection plan can help you control your property and qualify for these programs.
- Guard Your Retirement: You didn’t work hard just to have your safety net lost. Asset protection sures up your retirement funds.
Our Asset Protection Attorneys Can Help You
- Create a Custom Asset Plans
- Establish Trusts
- Form LLCs or Business Partnerships
- Catalogue & Evaluate Assets
- Help with Retirement Planning
- Designate Beneficiaries, Trustees & Representatives
- Make Charitable Plans
- Tax Guidance & Limit Liability
- Risk Management and Assessment
- Engage in Wealth Preservation Strategies
Why Work with Legacy Counsel?
Our services extend beyond being lawyers to help protect your assets. We nurture client relationships and remain accessible. From the moment you sign your documents, we commit to being with you and your loved ones every step of the way.
Legacy Clients Benefit From
- A Fully Custom & Effective Michigan Asset Protection Plan
- Clear & Upfront Pricing
- 3 Year Reviews at No Additional Cost
- Open & Honest Communication
- E-Signature Capability, Virtual Consults & Expedited Services.
Contact Legacy Counsel today to book a consultation. We will answer your questions and address your concerns. Schedule a consultation.
Protecting Assets in Michigan
When you decide to create an asset protection plan, you should know what you can safeguard, and how your plan can complement your will or estate plan. Every client has unique needs and assets, so you should work with a lawyer who can help you explore the best option that will benefit you.
Determining what assets you can protect and how to do so effectively is a significant discussion to have with your attorney. We can review what assets you own and how to safeguard them, so your family’s legacy is secure.
These assets can all be protected from probate proceedings:
Real Estate
You can protect yourself from liability connected to personal property you own by transferring it to a limited liability company (LLC). Keeping these assets separate reduces the ability creditors or plaintiffs could have to reach your assets.
Your Personal Home
In Michigan, your home has partial protection through “homestead exemption.” This provision protects the equity of your primary residence from being seized or used to pay off certain debts. There are some exclusions from the exemption, and the values can vary.
Businesses
If you own a business, you should consider splitting the business’s assets from your own. You can use contracts or create a separate entity with separate assets and resources. That way, you can protect both your business and personal property.
Retirement Accounts
Certain retirement accounts are protected under state and federal laws. Some, like an IRA, have limits to their protections. You can explore how much of your retirement is protected with the help of an asset protection lawyer.
Your Personal Property
You can designate how your personal property is distributed or handled after your death through estate planning. Items like heirlooms, jewelry, vehicles, and even homes can be guarded by a will.
Financial Assets
Through estate planning, you can transfer financial assets, like your bank account, cash, investments, and even cryptocurrency, to your loved ones or anyone else you designate to receive them. You could be able to designate some assets to “transfer-on-death”, which can apply to stocks, bonds, or bank accounts. Talk to an asset protection lawyer to create an estate plan to eliminate probate issues for your financial assets.
Selecting an Asset Protection Strategy
There are several methods you can choose to protect your assets. These methods do not apply to every situation, and an experienced asset protection lawyer can explain the benefits of each strategy.
Business Succession Planning
If you own a business, you should be prepared for the next generation of your company. You can complete “succession planning,” which is essentially estate planning for your business. Your plan will account for the transition of your company to your successor in the event of anything that could disrupt your business, like death, disability, or a falling out between owners. Learn more about business succession here.
Form a Trust
You can protect your assets by placing them in trusts. Michigan’s “Domestic Asset Protection Trusts” laws allow people to create an irrevocable trust to shield assets from creditors’ reach. You can learn more about trusts here.
Family Limited Partnerships
You might consider using a Family Limited Partnership to protect your assets. With an FLP, you create a separate entity to place a nearly unlimited amount of assets. Your family members will receive interest in this FLP. Some assets aren’t suited for FLPs, but you can use them to maintain control of your assets. You can discuss more with our asset protection lawyers.
Asset Protection FAQs
When Should Assets Be Protected?
You should consider an asset protection plan before you engage in large, planned life changes. For instance, if you’re about to start a business, enter into a marriage, or begin retirement, you should have a plan for your assets.
Can Transfers be Illegal?
If you’re trying to protect your assets by transferring them to LLCs or to other entities, you should know that some actions could be considered illegal or unethical. You should be transferring your property and assets before any action against you has begun. You could face criminal charges of conveyance if you try to “hide” your assets from creditors.
What is Spending Down?
“Spend down” is a strategy that allows people who don’t qualify for Medicaid in Michigan to spend their resources on healthcare-related expenses. They can reduce their countable income or assets, making them eligible for Medicaid benefits. You can discuss “spend down” strategies with our asset protection lawyers.
Build Your Legacy with Our Asset Protection Attorneys
Based in St. Joseph, Legacy Counsel PLC is a boutique estate planning firm serving Southwest Michigan, including Berrien County, Cass County, Van Buren County, and more.
Call 269-932-4017.
