Gilbert Asset Protection Planning Attorney
Planning is an important step in the estate planning process, regardless of age, health, and wealth.
Protecting your assets is just as important as building them. Whether you’ve spent years growing a successful business, investing in real estate, or saving for retirement, asset protection planning can help preserve your wealth and reduce the financial risks that can arise from lawsuits, creditor claims, or other unexpected events.
Asset protection planning is a proactive legal strategy designed to safeguard your personal and business assets while complementing your overall estate plan. Rather than reacting to legal challenges after they occur, effective planning helps establish legal protections before problems arise, giving you more options and greater financial security.
Gilbert has become one of Arizona’s fastest-growing communities, attracting business owners, healthcare professionals, executives, and families who are focused on building long-term financial stability. As your assets and investments increase, so does the importance of having a legal plan that helps protect what you’ve worked hard to achieve. Taking steps now can help reduce future risks while preserving opportunities for your family.
A comprehensive asset protection plan may include trusts, limited liability companies (LLCs), corporations, family limited partnerships, and other legal entities tailored to your specific needs. These legal tools can help separate personal assets from business liabilities and, when combined with appropriate insurance coverage, provide multiple layers of financial protection.
At Kierman Law, we help individuals, families, professionals, and business owners throughout Gilbert develop customized asset protection strategies based on their unique financial goals and circumstances. If you’re searching for an experienced Gilbert asset protection attorney, contact Kierman Law today to schedule a consultation and discover how proactive planning can help protect your assets today and for future generations.
Asset Protection Strategies
| Strategy | Beneficiary? | When are the Assets Protected? | Features of Strategy |
| Insurance (property, auto, business, etc.) | Client | During Client’s Lifetime | First line of defense against liability. In order to be effective, ensure that policy limits are in line with current assets and net worth. Also, confirm that coverage is still adequate. |
| Tenants by Entirety | Client | During Client’s Lifetime | In applicable states, this type of ownership between a married couple protects the property from the creditors of one of the spouses. Depending upon your state law, this may be limited to real property. |
| Investing in Retirement Accounts | Client | During Client’s Lifetime | 401(k)s and IRAs (excluding inherited IRAs) are protected from creditors in bankruptcy (with certain limitations). In addition to protecting these assets, you are also growing your retirement fund. |
| Domestic Asset Protection Trust (DAPT) | Client | During Client’s Lifetime | Allows you to fund the trust with your own property, maintain an interest in the trust as a beneficiary, and protect the trust’s assets from your creditors. Only allowed in states with DAPT statutes. |
| Spousal Lifetime Access Trust (SLAT) | Spouse | During Client’s Lifetime | A trust established for the benefit of your spouse. Should you be sued, these funds are not available to creditors and can be used by your spouse to support the family. |
| Lifetime Qualified Terminal Interest Property (QTIP) Trust | Spouse | During Client’s Lifetime and At Client’s Death | During the less wealthy spouse’s lifetime, they will receive all income and possibly the principal. If the less wealthy spouse dies first, assets will be included in their estate, making use of their estate tax exemption. Funds may continue for the benefit of the surviving spouse and distributed to the wealthier spouse’s chosen heirs. |
| Discretionary Trust | Spouse and/or Children | During Client’s Lifetime and At Client’s Death | Funds are held and invested by a trustee and are only distributed on a discretionary basis according to your stated wishes. Can be a standalone trust but can also be incorporated with other trusts. |
| Credit Shelter Trust | Spouse | At Client’s Death | Spouse is the beneficiary of the trust, but it is not considered a part of his or her estate. If the surviving spouse remarries, the assets cannot be commingled with those of a new spouse. |
| Irrevocable Life Insurance Trust (ILIT) | Spouse and/or Children | At Client’s Death | Holds life insurance proceeds for the intended beneficiaries as opposed to distributing them outright. Can also provide liquidity for owners of illiquid assets (farms, businesses, etc.). |
| Standalone Retirement Trust (SRT) | Children | At Client’s Death | Holds an inherited IRA, or other qualified retirement account, for the benefit of a named individual(s). Protects the inherited account from the beneficiary’s creditors because the beneficiary is only entitled to distributions according to the trust terms. |
| Inheritor’s Trust | Children/Grand-children | At Client’s Death | Gives the beneficiary control over the assets while allowing for protection from creditors. Beneficiary will have the power to appoint or remove the trustee and replace the trustee with a different one. The trustee has the authority to make distributions. |
Let us help
Contact us today to schedule an appointment and ensure protection for your family.
Get in Touch
Let us know how we can help you plan for the future.