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
In the State of Michigan, real estate is protected from creditors if jointly
owned by a husband and wife.
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 Additionally, funds withdrawn from retirement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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