Dayton, Ohio Asset Protection Attorney’s Answer to: “Why Do I Need to Protect My Assets?”
June 20th, 2012
In Dayton, Ohio, our asset protection attorneys frequently see creditors, lawsuits and taxes devour people’s hard-earned assets. Trusts, including both domestic and offshore trusts, combined with business entities, insurance and other tools can keep this from happening.
Many people mistakenly believe that they lead safe lives and there is little chance that anyone is going to sue them. They believe their job or other income stream is secure and they’ll never have trouble paying their bills. Unfortunately, anyone can suddenly be caught up in circumstances that threaten the assets they’ve worked hard to acquire. We’ve seen this at our Dayton, Ohio asset protection attorney’s office time and time again.
A Dayton, Ohio Asset Protection Attorney’s Four Reasons for Protecting Your Assets
Because you can’t predict or control the future
Most of us try to live life in a way that minimizes trouble. We get a secure job. We pay our bills on time. We obey the laws and avoid dangerous situations. Nonetheless, we can’t control everything. An unexpected job loss or unexpected medical bills can get you behind in bills and result in liquidating your assets to pay your creditors. However, when your assets are protected in a trust and/or business structure, they are much less vulnerable to these kinds of debts.
Because everyone makes mistakes
An accident or error in judgment involving you, a family member or even a total stranger sometimes can easily lead to a lawsuit in today’s litigious society. If you don’t adequately protect your assets in a trust or other asset protection vehicle, a successful lawsuit can drain you of nearly everything you own. Offshore trusts set up by our Dayton, Ohio asset protection attorney’s office can make your assets particularly difficult for creditors to get to in such circumstances.
Because the government always wants a piece of the action
Estate taxes, gift taxes, income taxes and capital gains taxes can be a heavy burden. State and federal governments like to tax money and property whenever they change hands. Let’s not forget the high cost of probate court – an eventuality for every unprotected estate. Without proper protections, tens of thousands of dollars could unnecessarily end up in the hands of the government instead of the bank accounts of you and your heirs.
Because anyone could end up needing nursing home care
Truthfully, most of us will need more and more medical care as we grow older, often requiring assisted living or nursing home care. These costs can drain even the most affluent estates if paid for out of pocket. In Dayton and Ohio, asset protection attorneys can develop a solid asset protection plan for this eventuality and can position your assets in a trust so you can qualify for Medicaid to cover these costs and protect those assets from being claimed by Medicaid after your death.
Gudorf Law Group, LLC, can assist you in using domestic and offshore trusts and other tools to protect your Ohio assets. Trusts can keep your assets from creditors. Call our Dayton, Ohio asset protection attorney’s office at 1-877-483-6730 to schedule a free consultation.