Asset Protection in Oakland County

Protecting Your Assets Through Estate Planning

Asset protection occurs when an individual takes specific actions to safeguard their assets from creditors and lawsuit claims. There are a variety of strategies used for asset protection, and our Oakland County estate planning lawyer can help you choose the best option for your needs. With more than 20 years of experience, The Law Offices of Stuart Lee Sherman, PC is can offer you exceptional legal guidance.

Types of Asset Protection

There are numerous ways to protect your assets, and we can help you determine which strategy meets your needs. We are dedicated problem solvers who assess clients' issues, explore their legal options and determine the best possible solution. Our asset protection strategies include the following:

Entireties Properties
In the State of Michigan, real estate is protected from creditors if jointly owned by a husband and wife.

Retirement Plans
Pension plans, profit-sharing plans, 401(k) plans, 403(b) plans and Section 457 plans are protected by federal law. This law also protects Sep-IRAs, Simple IRAs, traditional IRAs and Roth IRAs, but the protection for traditional IRAs and Roth IRAs is limited. Additionally, funds withdrawn from retirement plans are no longer protected.

Gifts and Irrevocable Trusts
Giving gifts to family members can provide them with their inheritance early, but can also cause you to lose control over your assets. Because you can set the terms of the trusts, irrevocable trusts offer control benefits and may be a better option for you. Additionally, it may be possible for you to retain "indirect access" to the trust by allowing you to provide funds for your spouse through the trust.

Family Limited Liability Companies
In the state of Michigan, a debtor can protect assets from creditors through the creation of a family limited liability company, or FLLC. There are many benefits to this structure, including control over property and flexibility in distributing the assets. After creating the FLLC, you can gift memberships in the FLLC to your loved ones. Additionally, this structure allows you to create trusts for their benefit as well, and we can explain your options through an FLLC.

Contact an Oakland County Estate Planning Attorney

If you are concerned with how your assets could be affected in the future, do not hesitate to get in touch with our firm at your earliest convenience to discuss your situation. We understand that every client has unique needs, which is why our team takes the time to understand every client's assets and wishes. Our team seeks to find the best possible solution to each client's specific circumstances, and we would be proud to assist you with creating a plan to protect your assets. Contact The Law Offices of Stuart Lee Sherman, PC for information about our client-centered services.

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