Achieving financial security is a dream of many throughout Minnesota and North Dakota. To become financially secure, you not only need to build a solid nest egg but you must also take steps to ensure you are protecting the wealth that you have worked so hard to acquire.
German Law Group can help. Our legal team offers comprehensive assistance with the asset protection process so you can keep your wealth safe. Asset protection is something you must be proactive about throughout your life, both as you begin to grow your wealth and as you amass substantial money and property through smart saving and investing. Because you want your wealth to transfer to your loved ones, you even need to protect you assets after you pass away.
Our experienced asset protection lawyers will help you to understand the risks to your wealth and will work with you to make an asset protection plan appropriate to your current wealth level and life situation. Give us a call today to find out more about how our firm can help you and to get answers to questions you may have about the asset protection process include:
- Is asset protection important in my situation?
- What kinds of tools can I use to protect my assets?
- How can an asset protection lawyer in Minnesota or North Dakota Help Me?
Is Asset Protection Important in my Situation?
Asset protection is important to everyone. While the risks that a business owner faces are different than the risks faced by a retiree, everyone could potentially be susceptible to some type of loss. From someone slipping and falling at your home and suing you to the possibility that you could end up having to pay hundreds of thousands of dollars to live in a nursing home, there are endless ways you could lose money that should give you security throughout your life and that should serve as your legacy.
The asset protection process involves identifying the risk factors most likely to cause you to experience loss and taking active steps to use legal tools to mitigate those particular sources of risk. German Law Group can make this process easy and will guide you through the creation of an asset protection plan that is right for you.
What Kinds of Tools Can I Use to Protect My Assets?
There are many tools that can be used to protect the wealth that you are building. Your specific risk profile will determine which tools make sense for you to use. However, some of the most common asset protection tools include:
- Accounts which provide protection from loss: Various tax-advantaged retirement accounts, for example, cannot be lost in a bankruptcy and provide special protections in other situations where loss is possible.
- Insurance: Purchasing sufficient insurance coverage to protect you in case you are sued is vital. You also want to consider life insurance if you want to ensure your family does not face financial hardship if something happens to you.
- Trusts: Various types of trusts can be useful for protecting assets in case of incapacity, for allowing assets to transfer outside of probate process, and for protecting assets in case of creditor claims. Trusts could also be used to provide an inheritance to a disabled loved one without putting means-tested benefits at risk, and are helpful in avoiding or reducing estate tax.
- Powers of attorney: Creating a power of attorney helps to protect your wealth in case of incapacity by allowing you to name someone who can manage assets on your behalf.
There are many other asset protection tools that could be appropriate for specific individuals, such as small business owners. German Law Group will assist you in identifying all legal tools necessary to protect your wealth and will help you to make the right plans for your situation.
How can an Asset Protection Lawyer in Minnesota or North Dakota Help Me?
An asset protection lawyer at German Law Group will guide you through the process of evaluating risks to your assets and using the right legal tools to protect your wealth. You work too hard to lose your financial security or to lose your opportunity to leave a legacy because of health issues, bad luck or estate tax. Give us a call to find out more about how our firm can help you with the asset protection process in North Dakota and Minnesota.