Asset Protection Plan. Protect. Prosper.

Grand Rapids Asset Protection Lawyer

Protecting your asset portfolio is a key part of a well-designed estate plan. Your plan should safeguard your full range of assets, including real estate, investments, and business interests. Asset protection is the strategic process of shielding what you have worked to build throughout your lifetime from financial risks such as creditors, lawsuits, or unforeseen liabilities. 

At Inhulsen Law, our experienced team can help you explore practical protection solutions tailored to your asset mix while remaining in compliance with the law. Whether planning for retirement, managing business risks, or securing generational wealth, we can clarify your options and help you take the proper steps for adequate protection.

Start the conversation with our Grand Rapids asset protection team at Inhulsen Law. Call (616) 345-2810 or submit our online contact form for a free consultation.

Asset Protection Methods

Michigan law provides a variety of strategies to help you protect your assets effectively. Some of the most commonly used methods include the following. 

  • Trusts: Irrevocable trusts remove assets from your personal ownership, shielding them from creditors and legal claims. Meanwhile, spendthrift trusts offer additional protection by preventing beneficiaries from mismanaging funds or exposing them to creditor risks. 
  • Limited liability companies: An LLC can separate businesses or rental properties from your personal wealth, limiting liability and shielding your assets from business-related risks. 
  • Legal exemptions: Michigan provides statutory exemptions to protect certain assets, including your primary residence (through the homestead exemption), retirement accounts, and some life insurance policies. These protections can be included in your estate plan to ensure financial security. They are helpful in personal bankruptcy or judgment situations.
  • Strategic gifting: Transferring ownership of certain assets can reduce your taxable estate while distributing wealth according to your wishes. This method minimizes exposure to future claims and helps preserve generational wealth.
  • Proper titling: These include tenancy by the entirety, a form of ownership for married couples that protects jointly owned real estate, and joint tenancy with rights of survivorship. 
  • Prenuptial and postnuptial agreements: For clients concerned about divorce impacting their wealth, these agreements can help secure assets acquired before or during a marriage.

These tools and methods require careful planning and knowledgeable legal guidance to comply with the law and maximize their benefits.

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Benefits of Asset Protection

Asset protection planning offers crucial safeguards for preserving wealth and securing your financial future. 

For example, Michigan’s homestead exemption shields a portion of your primary residence’s value, while retirement accounts and specific life insurance policies also receive protection under state law. These tools allow your hard-earned assets to remain available for you and your loved ones, even in difficult situations.

Asset protection can prevent the loss of wealth due to legal claims, medical expenses, or business liabilities. It allows your legacy to be passed down to future generations, complimentary from unnecessary risks. With a well-designed plan, you can confidently manage your assets and safeguard your family’s financial well-being.

Discuss your needs and concerns with our firm by contacting us at (616) 345-2810 for a complimentary consultation.

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