Piercey & Associates, Ltd., highlights two common methods of asset protection as it applies to estate planning: asset protection trusts and family limited partnerships.
BARRINGTON, IL / ACCESSWIRE / February 25, 2021 / Piercey & Associates, Ltd., an acclaimed team of trust, tax, real estate, probate, business succession, guardianship, and elder law attorneys that help clients build, manage and protect their legacy, has explored the principles behind asset protection as it applies to estate planning in a new feature article published by EconoTimes.
"In the context of estate planning, the fundamental purpose of a comprehensive asset protection is to ensure that a decedent's assets pass properly and expeditiously to heirs and beneficiaries per the terms of the estate plan," commented a spokesperson from Piercey & Associates, Ltd., which has offices in Barrington, IL and Oak Brook, IL. "Without a comprehensive asset protection plan, it is possible that creditors may claim some or possibly all of these assets. In addition, asset protection planning can also protect claims from being successfully asserted against a person's assets while living."
In the feature article, Piercey & Associates, Ltd. highlights two common methods of asset protection as it applies to estate planning: asset protection trusts and family limited partnerships.
"Asset protection trusts protect assets from creditors, including those that may attempt to file a groundless lawsuit and profit from an estate," commented Rodney H. Piercey, partner of Piercey & Associates, Ltd. "And family limited partnerships are beneficial as they cover estate planning, asset protection, and tax minimization. Generally, family limited partnerships are more applicable for high-net-worth individuals, and those with multiple investment properties."
In wrapping up the feature article, Piercey & Associates, Ltd. warns individuals and families from trying to navigate the complexities of asset protection themselves, or sometimes worse, relying on the well-intentioned but ultimately incorrect advice of a relative, friend, colleague - or some complete stranger on the web.
"Many people fail to realize that what will likely be the largest transaction they will ever be associated with will not happen during their lifetime - rather, it will take place after they pass away, and when it becomes necessary to distribute their assets," commented a spokesperson from Piercey & Associates, Ltd. "Without a comprehensive and updated asset protection strategy - which is part of their overall estate plan - the assets that they intended to bestow to heirs and beneficiaries can be appropriated by creditors; including some who may be making exaggerated or fraudulent claims. Obtaining professional advice, support and resources is an absolute must. There is simply too much at stake, and the adverse consequences could be financially and emotionally devastating."
The full text of Piercey & Associates, Ltd.'s new feature article that explores the principles behind asset protection as it applies to estate management is available here.
About Piercey & Associates, Ltd.
Piercey & Associates, Ltd. Is an acclaimed team of trust, tax, real estate, probate, business succession, guardianship, and elder law attorneys that help clients build, manage and protect their legacy. The firm has offices in Barrington, IL and Oak Brook, IL, and has achieved 99 percent satisfaction rating based on thousands of client surveys. It has also reduced millions in estate tax liability down to zero, and regularly eliminates probate fees for clients.
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Piercey & Associates, Ltd.
Website: https://pierceyassociates.com.
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SOURCE: Piercey & Associates, Ltd.