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July 01, 2023

The Importance of Asset Protection in Missouri

As leading estate planning lawyers in Missouri, we’ve helped countless individuals, families and business owners protect their financial futures. Ready to secure yours? Call or text our law office at (314) 448-0527 to get started. 

While “more money, more problems” typically isn’t accurate, there’s a kernel of truth to it, at least when it comes to estate planning. 

The reality is that large estates tend to require more complex asset protection strategies than modest ones. And if you’ve amassed a lot of wealth, keeping it safe from potential threats can be a full-time job. Luckily, you don’t have to be the one who works it. 

As premier estate planning attorneys serving Missouri, The Law Office of David S. Schleiffarth has the expertise, resources and experience to safeguard the assets you’ve worked so hard to accumulate. By harnessing a combination of top-tier strategies, our asset protection lawyers can give you the financial security and peace of mind you deserve.

In simplest terms, our job is helping clients keep more of their wealth. Ready to secure your legacy for generations to come? You’re in the right place. Keep reading to learn about the importance of asset protection in Missouri, key strategies for achieving security and why we’re the firm to take you there. 

Have you been putting off estate planning? Each day you delay, you’re not just jeopardizing your wealth—you’re risking your family’s financial future. The good news is that it’s not too late to get started. Contact us online to schedule a consultation with one of our specialists today.

Understanding Asset Protection

In simplest terms, asset protection is a set of strategies for protecting your assets from potential threats. Its goal is simple: preserve as much wealth as possible for your future beneficiaries. 

Asset protection is an essential aspect of estate planning, especially for high-net-worth individuals and people with large estates. Although the concept is easy enough to understand, the tools and mechanisms by which it is achieved can be complex. That’s why it’s essential to work with a legal professional if you want a top-notch asset protection plan. 

What Are the Benefits of Asset Protection? 

When designed and implemented by a legal professional, an asset protection plan offers a wide range of potential benefits. The following are among its most notable advantages: 

  • Defense from claims of creditors and lawsuits. In the absence of an asset protection plan, your estate is vulnerable to potential litigants, as well as creditors. A knowledgeable asset protection attorney can thwart any potential claims that arise by implementing a variety of tools, including trusts, tax exemption strategies, business evaluation and more.
  • Wealth preservation. You worked too hard and for too long to watch your wealth dwindle away in retirement. After learning your financial goals and an assessment of potential liabilities, an estate planning lawyer who specializes in wealth management can create a blueprint for asset allocation, distribution, preservation and growth so that you can maintain your lifestyle without disruption. 
  • Reduced tax liability. Estate taxes can take a huge bite out of the wealth you’ve accumulated, especially if you have a particularly large estate. An asset protection attorney can use tools like gifting, wills, trusts and family limited partnerships to significantly reduce your tax liability.
  • Avoiding probate. If you don’t have an estate plan in place that allows you to avoid probate, your estate will necessarily pass through this potentially lengthy, expensive and public process. Tools like revocable living trusts and beneficiary designations can ease the way for a seamless transfer of assets to your beneficiaries.
  • Business continuity and risk management. Asset protection can also protect a business’s assets from potential risks. By choosing (or converting) your company to an advantageous business entity, an asset protection lawyer can help you separate personal and business assets and protect both from liability in the face of lawsuits, debts and other financial issues.

Perhaps most importantly, asset protection can give you the peace of mind that comes from knowing you’ve done due diligence. No matter what life throws your way, you can rest easy knowing your assets are safeguarded from threats and will continue to benefit your family for years to come.

Which Assets Are Protected?

Estate planning doesn’t just address protection strategies for your bank account; it considers all of your assets. Typically, an expertly designed asset protection plan can safeguard numerous types of assets, including financial accounts and investments, real estate, business assets, retirement plans, life insurance policies and even personal property. 

Asset Protection Attorney FAQ

Estate planning incorporates a wide array of tools and strategies that can be complex to understand. Implementing a thorough asset protection strategy takes more than willpower and luck—it requires collaboration with a skilled asset protection attorney.

If you have questions about asset protection, the best place to find answers is in a consultation with a legal advocate. In the meantime, check out the answers to some of our law firm’s most frequently asked questions.

• When is asset protection necessary?

Regardless of their socioeconomic status, no one suffers from asset protection planning. In fact, almost everyone can benefit from asset protection strategies, but they are especially crucial for certain people, including practitioners of high-risk professions, business owners, people with substantial family wealth, those who need to plan for long-term care and married couples who may someday face divorce.

• What are the most important steps to asset protection planning?

Asset protection planning is an in-depth, ongoing process that involves multiple steps and actions. However, if boiled down to its most essential features, asset protection must entail at least the following four: 1) risk identification and assessment, 2) implementation of estate planning tools and strategies, 3) optimization of existing structures and 4) coordination with other estate planning measures.

• What types of law should an asset protection lawyer be familiar with?

If you’re searching for an asset protection specialist, it’s important to note that not all estate planning lawyers are up to the challenge. In order to craft a superior asset protection strategy, your estate planning attorney needs to also be knowledgeable about tax law, business law, bankruptcy law and, preferably, creditor/debtor law. 

The Law Office of David S. Schleiffarth, LLC: Top Asset Protection Strategists in Missouri

If you want to secure your legacy and ensure your family’s financial future, it isn’t enough to amass wealth and hope for the best. Any personal assets you accumulate can be taken away if you don’t have the proper protection plans in place. Fortunately, that’s our area of expertise.

Ready to find peace of mind? The Law Office of David S. Schleiffarth is waiting to hear from you. Getting started with us is simple: Reach out to us online to schedule a case evaluation or call our office at (314) 448-0527.

This article represents the opinion of the author and is intended for educational purposes. This article does not constitute legal advice, nor does it create an attorney-client relationship. One should always consult with an experienced attorney before making estate planning decisions.

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75 W Lockwood Ave #1, Webster Groves, MO, 63119, US