Get Legal Advice on Asset Protection
What does it mean to protect your assets in South Portland, ME? Protecting your assets is an important part of estate planning. Whether you are looking to protect your legacy for future generations or just want to make sure your assets are safe from creditors, lawsuits, and taxes, it is important to understand what asset protection entails. Jackson & MacNichol, a Maine estate planning attorney, can help you understand the process and create a plan that works for you.
If you live in South Portland, ME, and are looking for an experienced estate planning lawyer, contact Jackson & MacNichol today. We provide a free estate planning and asset protection strategy session to help you create a plan that works for you. Call us to get started on protecting your legacy.
Estate Planning: What Is It and What Does It Involve?
Estate planning is the process of anticipating and arranging for the disposal of an individual’s estate during their lifetime and at and after death. It involves the management and transfer of assets in an efficient manner to maximize the value of the estate and minimize taxes and other expenses.
- Estate Planning involves creating a plan outlining how an individual’s assets will be managed and distributed upon death. This includes creating a will, trust, or other legal documents that specify how assets should be distributed.
- Estate Planning also involves making decisions about who will manage the estate after death, such as an executor or trustee. It also involves deciding who will receive the assets, such as family members, charities, or other beneficiaries.
- Estate Planning also involves making decisions about how taxes will be paid on the estate. This includes making decisions about which tax deductions and credits can be used to reduce the amount of taxes owed on the estate.
- Estate Planning also involves making decisions about how to protect assets from creditors and lawsuits. This includes creating trusts or other legal documents that can protect assets from creditors or lawsuits.
- Estate Planning also involves making decisions about how to provide for long-term care needs, such as creating a living trust or other legal documents that can provide for long-term care needs.
- Estate Planning also involves making decisions about how to provide for minor children, such as creating a guardianship or other legal documents that can provide for minor children in the event of death or incapacity.
What Does It Mean to Protect Your Assets?
Protecting your assets means creating an estate plan to ensure your assets are distributed according to your wishes. An estate plan is a set of legal documents that outlines how you want your assets to be managed and distributed after you pass away. It can include a will, trust, power of attorney, and other documents. To ensure that your estate plan is properly created and executed, it is important to work with an experienced estate planning attorney such as Jackson & MacNichol.
What are the Components of a Maine Estate Plan?
An estate plan is a set of legal documents that provide instructions for how your assets should be managed and distributed after you pass away. It is important for a resident of South Portland, Maine to create an estate plan to ensure that their wishes are carried out and that their loved ones are taken care of. The components of an estate plan include
- Last Will and Testament: A will is a legal document that outlines how a person’s assets and property should be distributed after their death. It also names an executor who is responsible for carrying out the wishes of the deceased. The will can also include instructions for guardianship of minor children, funeral arrangements, and other matters.
- Durable Power of Attorney: This is a legal document that allows an individual (the “principal”) to appoint another person (the “agent” or “attorney-in-fact”) to act on their behalf in financial and legal matters, such as signing documents, managing bank accounts, and making investments, if the principal becomes incapacitated or unable to make decisions for themselves.
- Advance Health Care Directive: This legal document allows individuals to make medical decisions in advance. It enables individuals to express their preferences for medical treatments such as life-sustaining treatments, organ donation, and end-of-life care. Individuals can also designate a healthcare representative to make decisions on their behalf if they become unable to do so themselves.
- Living Trust: This is a legal document that allows you to transfer ownership of your assets to a trust while you are still alive. The trust is responsible for managing the assets according to your instructions, and upon your death, the assets are distributed to the beneficiaries you have named in the trust. Living trusts are often used to avoid probate, reduce estate taxes, and provide for asset management in the event of incapacity.
- Beneficiary Designations: This is a legal document that allows you to designate who will receive the assets in your estate upon your death. It is typically used for retirement accounts, life insurance policies, and other financial accounts. The beneficiary designation will determine who will receive the assets in the event of your death, and it can be changed at any time.
- Special Needs Planning: This is a type of estate planning that focuses on providing for the long-term financial security of individuals with disabilities. Special needs planning typically includes setting up a special needs trust, creating a guardianship or conservatorship, and establishing a plan for managing the individual’s finances.
- Estate Tax and Gift Tax Planning: This is the process of structuring one’s estate in order to minimize the amount of taxes owed upon death. This can include strategies such as gifting assets to family members, setting up trusts, and utilizing tax-advantaged investments.
- Real Property and Asset Protection: This legal strategy protects an individual’s assets from creditors, lawsuits, and other legal claims. It involves transferring ownership of assets to a trust or other entity, such as a limited liability company (LLC), in order to shield them from creditors. This strategy can also be used to minimize taxes and protect assets from probate.
Maine South Portland Estate Planning Attorneys
The process of estate planning involves more than just creating a will and storing it away. It is a continuous process that involves evaluating your needs, monitoring your assets, and determining what legal actions are required to accomplish your goals. The sooner you begin the estate planning process, the better off you and your loved ones will be.
Helping Maine families prepare for the future is a driving force at Jackson & MacNichol. We have seen firsthand how a properly planned estate can help in a family’s flourishing or provide a person with special needs with the resources they need to live out their lives with dignity. Bad estate planning can literally tear a family apart, as we have witnessed firsthand. For this reason, we give 100% to every estate planning case we take on.
If you are looking for a more detailed discussion on the question, “What does it mean to protect your assets in South Portland ME”, contact Jackson & MacNichol today to schedule a free estate planning and asset protection strategy session. They can help you understand the various services they have that can help you plan well for the future. Contact Jackson & MacNichol today to get started on protecting your assets.