Asset Protection Planning

The value of an estate planning attorney in asset protection

We play a crucial role in assisting individuals, families, and businesses with the development and implementation of effective strategies in their estate plans to safeguard assets from potential risks, liabilities, and legal claims. We provide a combination of strategic planning, collaborative partnership and knowledge of relevant laws and regulations. It’s extremely important to initiate asset protection planning before any potential legal threats arise, as trying to shield assets after a liability has been incurred could be deemed fraudulent. Safeguard your wealth and assets from potential risks and liabilities.

Cohen Law Logomark to accent Asset Protection Planning practice in Connecticut

Consider Cohen Law, PLLC for your Asset Protection Planning:

  • Comprehensive Assessment of Risks and Goals: We evaluate your financial situation, goals, and potential risks. Then we identify vulnerabilities that could expose assets to creditors, lawsuits, or other threats. With a clear understanding of your priorities, we factor this into tailoring the right strategy.
  • Tailored Strategies: Based on our assessment, we develop personalized asset protection strategies for you. We recommend legal tools and structures, such as trusts, limited liability companies (LLCs), and partnerships, that align with your objectives and provide effective protection.
  • Legal Experience: We possess in-depth knowledge of relevant federal and Connecticut laws governing asset protection, creditor rights, and estate taxes. We’ll ensure that all strategies adhere to legal and regulatory requirements while maximizing your identified protection benefits.
  • Documentation and Implementation: We draft and prepare legal documents necessary for implementing your asset protection strategies, such as trust agreements, operating agreements, and partnership agreements and ensure proper execution in adherence to the law.
  • Continual Review and Adjustment: We offer ongoing support by periodically reviewing and adjusting asset protection plans. We always consider changes in laws, financial circumstances, and personal goals to ensure that these strategies remain effective and up to date.
  • Coordination with Other Professionals: Asset protection planning often involves collaboration with financial advisors, accountants, and other professionals. As your asset protection and estate planning attorneys, we work seamlessly with these professionals to create integrated and comprehensive plans.
  • Education and Guidance: We educate clients about the benefits, risks, and implications of different asset protection strategies. We empower clients to make informed decisions and understand how their choices will impact their financial well-being and estate planning goals.
  • Litigation Preparedness: In cases of legal disputes or potential lawsuits, we help clients anticipate and prepare for such potential challenges. Our strategies mitigate the impact of legal actions on your protected assets.
  • Confidentiality and Privacy: Asset protection planning often involves sensitive financial information. We uphold strict confidentiality and privacy standards to protect your personal and financial details with utmost security.

The vital role of creating trusts in your Asset Protection and Estate Planning in Connecticut

At Cohen Law, PLLC one of the primary ways we protect your assets is through the creation of various trusts. Some of the most common trusts we help you establish and administer for asset protection include:

  • Asset Protection Trusts: A legal arrangement where an individual transfers assets to a trustee to shield those assets from potential creditors, legal claims, and financial risks. While the individual may still receive some benefits from the trust, the main purpose is to provide a layer of protection against future liabilities and ensure the assets are preserved for designated beneficiaries.
  • Qualified Terminable Interest Property (QTIP) Trust: An estate planning tool that allows one spouse to provide for the surviving spouse while maintaining control over the ultimate distribution of the trust’s assets to chosen beneficiaries, such as children from a previous marriage. This type of trust is often used to take advantage of estate tax benefits by deferring tax liability until the surviving spouse’s death, ensuring the assets are managed and distributed according to the original grantor’s wishes.
  • Life Insurance Trust: A strategic estate planning tool designed to efficiently manage life insurance policy proceeds, helping mitigate potential estate tax liabilities and ensuring that the intended beneficiaries receive the funds without being subject to estate taxes. By placing the life insurance policy within the trust, the policy’s value is excluded from the insured’s taxable estate, allowing for tax-free transfers to heirs and protecting the policy proceeds from potential creditors, ensuring a more seamless and tax-efficient wealth transfer.