If you are worried that a lawsuit could take away much of the wealth you have worked hard to build, we understand. Fortunately, there are ways to protect assets from a lawsuit while you are alive and after you have passed on. A Woodland Hills, California estate planning attorney can take a look at your specific situation and figure out the best way to protect you from lawsuits and just about anything else.
Can a Trust Protect Assets From a Lawsuit?
Some trusts can be used to protect assets from a lawsuit. The key is usually whether or not the trust is revocable or irrevocable. The former can have its terms adjusted by you. Because of that, a revocable trust is still seen as something that is in your control and those assets can be seen as your own in the event that you get sued.
An irrevocable trust is different. The terms of it cannot change easily and you have someone else in charge of managing it, a trustee. If someone tries to sue you and come after assets in an irrevocable trust, they will encounter difficulties. It is important to note, however, that there are other rules about these trusts and how they are set up that can affect how useful they can be when it comes to protecting assets. This is why having an experienced estate planning lawyer on your side can be useful.
What is a Private Retirement Plan and How Can it Protect My Assets?
California also offers another way to protect assets from a lawsuit and just about anything else that you can think of. This state has a Private Retirement Plan that offers a few useful tools to anyone taking part in estate planning. These are flexible and have no maximum limit on contributions. They can also allow you to retitle assets.
There are a few requirements if you want to develop a Private Retirement Plan of your own. Such a plan must:
- Have an actual plan for being funded
- Be created primarily with retirement in mind
- Not be made in an effort to avoid existing or future creditors
- Have an independent trustee and an independent plan administrator
If we think that a Private Retirement Plan is a good fit for you, we can make sure that your plan meets these requirements and helps you protect your assets from lawsuits.
Talk to an Estate Planning Lawyer
So when you are ready to ensure that you have the most protection possible for your estate and your assets, contact our law firm and schedule a consultation. The Law Offices of Yacoba Ann Feldman is here to help you with all of your estate planning needs, so learn more about what we can do for you and your family today.