Trust Lawyer Bergen County New Jersey

Trust Lawyer in Bergen County, New Jersey 

An experienced Bergen County, NJ trust lawyer knows that asset protection trusts are not only for the very few. Our lawyers at Kaplan Law Practice understand that an essential aspect of any estate planning involves protecting your assets from legal judgments or creditors. One way to do this is to relinquish your assets’ ownership and place them into an irrevocable trust where they remain until after your death. In essence, the trust becomes their new owner, but you can name a trustee to manage the assets on behalf of your beneficiaries. The main benefit of doing this is that when you no longer personally own the assets, you can shield them from being taken from you if you become a target of a legal claim. Consult a trust lawyer at Kaplan Law Practice to see if creating an irrevocable trust is best for you.

People who might consider establishing an irrevocable asset protection trust include:

Anyone Considering Nursing Home Care

In most cases, Medicare does not pay for nursing home care, and Medicaid may be the only option to pay for this expense. Medicaid allows recipients to retain some of their assets that do not exceed their states’ qualifying thresholds. Otherwise, they may place their assets into irrevocable asset protection trusts, naming themselves beneficiaries, though they must reserve the funds to pay for their future funeral expenses. Alternatively, they may name other beneficiaries who can receive the liquid value of the assets after the original owner’s death. Here at Kaplan Law Practice, we make sure that your loved ones are taken care of in the long term.

Parents of Disabled Dependants

Individuals responsible for taking care of disabled dependents may consider placing some of their assets into asset protection trusts in their dependants’ names. The goal of doing this is to ensure that sufficient funds are available to meet dependants’ future living and healthcare expenses after grantors are no longer living.

Doctors

Although doctors can rely upon medical malpractice insurance to protect them from medical errors or negligence, this coverage does not protect them from other situations in which they could lose their assets, including:

• Divorce
• Auto accident settlements
• Liability for a partner’s misconduct

Doctors who want to retain their wealth for their heirs can place their assets in an irrevocable asset protection trust. A trust lawyer in Bergen County, New Jersey can tell you specific rules regarding asset protection trusts created in the area.

Real Estate Owners

Asset protection accounts are not only for liquid assets. Many real estate investors use them to avoid property seizures. It is vital to understand that real estate asset protection involves two steps. The first step is to establish a trust to determine methods for leasing and selling properties or distributing their profits. The second step requires creating a separate LLC for each property to prevent losses due to legal judgments.

Speak with a Bergen County, NJ trust lawyer from Kaplan Law Practice to determine the best options for preserving your assets and protecting your family’s future.

Trust Lawyer in Bergen County, New Jersey

An experienced Bergen County, NJ trust lawyer knows that asset protection trusts are not only for the very few. Our lawyers at Kaplan Law Practice understand that an essential aspect of any estate planning involves protecting your assets from legal judgments or creditors. One way to do this is to relinquish your assets’ ownership and place them into an irrevocable trust where they remain until after your death. In essence, the trust becomes their new owner, but you can name a trustee to manage the assets on behalf of your beneficiaries. The main benefit of doing this is that when you no longer personally own the assets, you can shield them from being taken from you if you become a target of a legal claim. Consult a trust lawyer at Kaplan Law Practice to see if creating an irrevocable trust is best for you.

People who might consider establishing an irrevocable asset protection trust include:

Anyone Considering Nursing Home Care

In most cases, Medicare does not pay for nursing home care, and Medicaid may be the only option to pay for this expense. Medicaid allows recipients to retain some of their assets that do not exceed their states’ qualifying thresholds. Otherwise, they may place their assets into irrevocable asset protection trusts, naming themselves beneficiaries, though they must reserve the funds to pay for their future funeral expenses. Alternatively, they may name other beneficiaries who can receive the liquid value of the assets after the original owner’s death. Here at Kaplan Law Practice, we make sure that your loved ones are taken care of in the long term.

Parents of Disabled Dependants

Individuals responsible for taking care of disabled dependents may consider placing some of their assets into asset protection trusts in their dependants’ names. The goal of doing this is to ensure that sufficient funds are available to meet dependants’ future living and healthcare expenses after grantors are no longer living.

Doctors

Although doctors can rely upon medical malpractice insurance to protect them from medical errors or negligence, this coverage does not protect them from other situations in which they could lose their assets, including:

• Divorce
• Auto accident settlements
• Liability for a partner’s misconduct

Doctors who want to retain their wealth for their heirs can place their assets in an irrevocable asset protection trust. A trust lawyer in Bergen County, New Jersey can tell you specific rules regarding asset protection trusts created in the area.

Real Estate Owners

Asset protection accounts are not only for liquid assets. Many real estate investors use them to avoid property seizures. It is vital to understand that real estate asset protection involves two steps. The first step is to establish a trust to determine methods for leasing and selling properties or distributing their profits. The second step requires creating a separate LLC for each property to prevent losses due to legal judgments.

Speak with a Bergen County, NJ trust lawyer from Kaplan Law Practice to determine the best options for preserving your assets and protecting your family’s future.