Asset Protection Strategies That Work
Murphy Law Firm, Inc. — Tempe, Arizona
Whether you are making a will to protect your beneficiaries from unnecessary probate expenses and delays; creating a living will to preserve your right to make health care decisions should you be rendered permanently unconscious or terminally ill and unable to communicate; protecting yourself against lawsuits; or using trusts to shield assets from the taxman — estate planning is all about asset protection in some way, shape or form.
For more than 25 years of experience and asset protection strategies that work — contact attorney Thomas Murphy at Murphy Law Firm in Tempe, Arizona, today.
Maximizing the Value of Your Estate and Keeping It in the Right Hands
At Murphy Law Firm, we use a variety of asset protection strategies designed to help clients maximize the value of their estates while making sure that the right people receive the benefits in the right way.
Generally, asset protection is accomplished primarily through the use of trust entities, gifting, or business entities such as the family limited partnership (FLP). In most cases, these estate planning tools are used with an eye toward shielding assets from certain taxes. We're here to tell you that asset protection strategies can be used for a great deal more.
What do we mean by that? For instance, suppose your son-in-law is not so great (no, we haven't been spying) and you would rather not have him benefit from your estate in any way. The problem is that providing for your daughter in a will may do just that. The solution here is to create a trust that is explicitly set up for the benefit of your daughter only. A similar type of trust can be established for the son or daughter who is struggling with substance abuse or gambling problems. Trust funds like these can be distributed only with the approval of the trustee you designate, something that essentially ensures what you've worked so hard to acquire will not be wasted.
Protecting Yourself Against Lawsuits
In our litigious society, professionals such as lawyers, doctors and architects are highly vulnerable to lawsuits. If you are in one of these professions, you may be only lawsuit away from poverty, no matter how much money they have — unless your affairs are structured properly. One way of doing is through a family limited partnership, which will allow you to protect your assets. Being self-insured, in this day and age, simply isn't adequate protection. Talk with us to learn more.
Major Credit Cards Accepted — Se Habla Español
Serving Maricopa County and Pinal County Since 1992
Talk to an experienced lawyer about protecting your assets today. Call our Tempe, Arizona, law offices at 866.249.7173 or contact us online and arrange for an initial consultation.
Relevant Resources
ALTCS Alert: AHCCCCS to Begin Issuing Liens on the Homes of Nursing Home Patients
The Bankruptcy Abuse and Consumer Protection Act of 2005 - What Elder Law Attorneys Need to Know
