Woburn Wealth Preservation Attorneys
Creating Innovative Legal Strategies to Help You Protect Your Assets
You have worked hard to build your assets, financial resources, and life savings over the years. However, as you grow older, you must take proactive steps to ensure that you can protect assets from creditors or potential lawsuits.
Additionally, if you are an entrepreneur, you need to consider business succession planning options. Proper planning will allow your organization to transition smoothly to your successor after retirement or death.
Wealth preservation in Massachusetts can be overly complex and requires the help of a skilled attorney. Simmons & Schiavo Attorneys At Law has a team of legal professionals with significant experience helping clients and their families preserve their assets and achieve their financial goals.
If you want to learn more about our innovative asset protection strategies and other legal services, contact our Woburn law office to schedule a consultation. One of our Woburn wealth preservation attorneys will gladly meet with you to determine how we can help.
What is Wealth Preservation?
Wealth preservation involves protecting your financial resources from being seized by creditors, lawsuits, divorce, or fraudulent means. Several other vital elements of wealth preservation cannot be ignored, such as utilizing techniques that help decrease the taxes you pay during your lifetime and minimize estate taxes for your heirs.
A primary goal of wealth planning is to ensure that you have sufficient funds to enjoy a comfortable retirement. Many individuals underestimate the future cost of living and find that the money they have saved does not allow them to live the lifestyle they had intended. However, wealth planning is not enough. A comprehensive estate plan should lay the groundwork for protecting those assets from being seized or making you ineligible for MassHealth benefits should you need long-term care. In other cases, clients want to pass on their assets to future generations.
If you are still considering the benefits of wealth preservation planning or have questions, contact our Woburn attorneys and ask to schedule a consultation to learn more.
What is the Difference Between Estate Planning and Wealth Preservation?
Estate planning and wealth preservation involve some of the same legal strategies, such as trying to avoid probate; however, there are distinct differences. One of the most significant differences is that estate planning is often a singular event, where plans are made to deal with what will happen to your assets after your death.
Conversely, wealth preservation requires active participation to ensure that the strategies used provide maximum benefits. Wealth preservation also involves planning for future generations. Often, in estate planning, individuals are focused solely on their immediate family members and not a concern for the next generations.
It is also important to remember that everyone has different needs and financial goals, and any plan that may be created must be based on your objectives.
What are Some Commonly Used Wealth Preservation Strategies?
Depending on your financial situation and long-term goals, there are several wealth preservation strategies that you can use to achieve your goals.
Some commonly used wealth preservation strategies include:
- Asset protection trusts: In irrevocable trusts, the assets are no longer considered your property and can be used to safeguard financial resources from creditors or lawsuits. Additionally, an asset protection trust can shield essential assets, such as your home, from being seized for long-term care costs and ensure they can be passed down to your beneficiaries. Finally, an asset protection trust can also help your family avoid probate.
- Estate tax planning trusts: The focus of these trusts is to minimize the estates taxes payable at your death.
- Heritage/Dynasty Trusts: These trusts are established to protect and preserve assets for multiple generations.
When you come to Simmons & Schiavo Attorneys At Law, we will professionally evaluate your financial resources and assets to craft a legal strategy to give you the peace of mind you deserve. We use our knowledge and experience to help minimize the risk of financial losses and protect your legacy for future generations.
How Can a Wealth Preservation Strategy Protect My Assets if I Need Long-Term Care?
One of the most common ways that wealth preservation attorneys assist clients is in protecting their assets should they need long-term care. The monthly cost of a nursing home stay is roughly $15,000, which can quickly erode a family’s finances. Massachusetts law allows MassHealth to try and recover medical care costs from a deceased’s estate. This legal process, known as estate recovery, can seize assets such as a house or bank accounts to pay back costs.
Our lawyers have seen firsthand what family members go through after the death of a loved one when the state tries to take their home. We can use several legal techniques to protect your hard-earned assets should you need long-term care, such as transferring assets into an irrevocable trust.
Because the strict time limits could impact your ability to protect your assets, you must seek legal help immediately. Contact us at our Woburn law office to schedule a meeting with a qualified wealth preservation attorney who will gladly evaluate your case.
How Can Your Law Firm Help Protect My Future?
Simmons & Schiavo Attorneys At Law recognizes that you have worked hard to build your assets. When you come to us for help, we strive to create the best plan to provide maximum results and give you peace of mind, knowing that your future is protected.
Our legal professionals are passionately committed to assisting clients through effective communication, using clear, relatable language, and addressing any concerns as they arise.
Our dedicated attorneys use their knowledge to create long-term strategies to help you enjoy life without worrying about what will happen to you as you age. They also will work to ensure that your legacy continues even after you are gone.
If you are still trying to determine the benefits of wealth planning or have questions about how we can help you plan for your and your family’s future, contact our Woburn law office at 781-675-1315 to schedule an appointment.