Asset Preservation, Asset Protection, Asset Trust
To learn more about Asset Protection we published an Asset Protection 101 in the form of both a downloadable PDF directly underneath and a FAQ further down the page.
Once convinced that Asset Protection is what you need and want, please choose one of the three customized pdf forms below, that best describe your situation. You can download the appropriate form, print it, fill it out and then mail, fax, or scan and email it back to us.
Frequently Asked Questions
Do I need an irrevocable asset protection trust?
Schedule A is an inventory of assets and set of instruction letters that indicate how to transfer property and assets to the Trust. Once the property and assets have been properly transferred to the Trust, verification and confirmation of the transfers should be kept in Schedule A. When the grantors pass away, the trustees will use Schedule A to quickly locate assets and property. It is very important to keep Schedule A current and up to date.
Even when somebody creates a Asset Protection Trust, they will still need a “Pour-Over” Will. The Pour-Over Will is a document that states that if something was left out of the Trust, it should be “Poured Over” and distributed through the Trust. For example: John and Jane Doe create a Trust and transfer all their property and assets to the Trust using the instruction letters in Schedule A. Five years down the road they decide to purchase a second home. When they purchase the home, they purchase the property as joint tenants and forget to transfer the property to the Trust. When both John and Jane Doe pass away, the property that was left out of the Trust would have to go through probate before it could be distributed. The Pour-Over Will would help in the probate process to make sure that the property was distributed through the Trust. To avoid probate, it is important to transfer ALL assets into the Trust.
Incapacity is a lack of physical or mental abilities that results in a person’s inability to manage his or her own personal care, property or finances. A thorough plan should take this possibility into account. It is very important to plan for incapacity by preparing a few simple legal documents to ensure that medical and financial wishes are carried out if an individual is unable to speak and act on their own behalf. These legal documents are a Living Will, Medical Power of Attorney and Durable Power of Attorney.
A Living Will is a written statement of wishes concerning the use of extraordinary medical treatment or artificial nutrition and fluids to keep an individual alive if there is no reasonable hope of recovery from a terminal illness or accident. A Living Will gives medical personnel permission to withhold or withdraw life support systems that will merely delay death. If an individual does not have a Living Will, their family is left with the decision and they may not be able to agree on what action to take. By having a Living Will, it allows the individual to make the decision.
A Medical Power of Attorney is a document that allows someone else to make medical decisions for an individual if they cannot make them on their own behalf. The appointed health care agent may be any competent person who is at least eighteen (18) years old and not providing paid health care to the individual. This person is usually a trusted family member or friend. The Medical Power of Attorney becomes effective when an individual is unable to communicate their wishes due to any illness or injury.
A Durable Power of Attorney is a document that allows someone else to make financial decisions for an individual if they cannot make them on their own behalf. The appointed agent called the attorney-in-fact may be any competent person who is at least eighteen (18) years old. This person is usually a trusted family member or friend. The Durable Power of Attorney becomes effective when an individual is unable to manage their own legal or financial affairs, as determined in writing by two unrelated physicians.
We are a service office for the attorney and legal team paralegals that do the actual drafting of documents and assist in keeping your cost down. We can assist with questions and get you started on the correct path to saving money and protecting what you have worked hard for.