When you have questions about asset protection Bristol CT, talk to Weatherby & Associates, P.C. Our legal team is a leading Connecticut law firm focused on asset protection, wealth preservation, and estate planning. People with obvious wealth, public figures, executives, entrepreneurs, and property owners can be targeted for lawsuits. We live in a litigious culture, and unscrupulous individuals want something for nothing. Business owners, employers, high income earners and certain professionals can be targeted by disingenuous plaintiffs. Because the legal system encourages plaintiffs to sue anyone who seems to have money, a net worth of over $250K may potentially target you for litigation.
Think of asset protection as financial insurance. Asset protection planning is proactive legal action that protects your assets from divorce, creditors, lawsuits or judgments. Weatherby & Associates will advise you about protecting your wealth if you feel you may be at risk for targeted litigation. Estate Planning is important, but will not protect your assets from litigation. Risk Management measures may not offer sufficient protection, either. Although many families employ a Revocable Living Trust to avoid probate and minimize taxes on estates, this does not shelter one from lawsuits. Asset protection shields you from litigation and will complement your estate planning. Weatherby & Associates will discuss measures that can be taken to keep your personal assets out of reach from predators.
Another method of preserving your wealth is with Trust Administration. You do not have to be wealthy to put your assets into a trust. But if you have a sizable estate, you should make arrangements with an experienced and trusted attorney. Assets which have been transferred to a trust are not probated like other assets. Instead, the trust assets are administered according to the terms of the trust. Depending on the intentions of the trust creator, trust assets may be distributed directly to beneficiaries, held and invested for later distribution, used to create scholarships or grants, or transferred to charitable organizations. Assigning a 'payable-on-death' designation to bank accounts allows your beneficiary to claim the money directly from the bank without probate court proceedings. For motor vehicles, Connecticut allows a 'transfer on death registration' on your motor vehicle. This way, your beneficiary automatically inherits the vehicle upon your death.
The experienced legal team at Weatherby & Associates will offer proactive solutions for protecting your assets and preserving your wealth. Every family has its own financial goals, and Weatherby & Associates can help sort out the best strategies for you. You can depend on our years of experience. For more information or to schedule a consultation, call us at 860-769-6938 today.
Our service area includes the towns and surrounding areas of Hartford County CT.