...is an estate planning goal to provide lawsuit protection for our clients.
McManus & McManus wants to protect our clients’ children, grandchildren, or other people who are named in our clients’ wills or trusts against the beneficiary’s, creditors, lawsuits, and judgments.
It is easy to protect assets against lawsuit judgments if our clients own the following assets:
Clients may also receive some protection from suit if their assets are held / located in a corporate entity such as an LLC, corporation, or limited partnership that they own entirely or have an interest in.
Clients may also want assets held in their trust or will to receive asset protection from law suit judgments brought by credit card companies, business partners or former married partners against their children, or other beneficiaries named in our client’s wills or trusts. Provisions written in our client’s revocable living trusts or last wills manage, provide, or distribute for the care or special needs of the named beneficiary by a designated Trustee. This can continue for a specific time or could last the lifetime of the beneficiary.
When it comes to ensuring asset protection in the Estate Planning process, the ways and means are as diverse as our clients. Proper asset protection involves an individualized approach to account for the amount of assets to be protected and the diversity of the assets themselves.