Personal Asset Protection
Overview
Personal Asset Protection
In South Florida’s dynamic economy, individuals with significant assets face increasing exposure to litigation, creditor claims, and financial risks. While many understand the basic concept of protecting assets, implementing effective strategies requires sophisticated planning beyond traditional wills and insurance policies.
Trust-Based Protection Strategies
Revocable Trusts
- Avoid probate costs (up to 10% of estate value)
- Dictate timing and conditions of inheritance
- Flexibility to modify as circumstances change
- Maintain control of assets during your lifetime
- Protect beneficiaries from future creditors
Irrevocable Trusts
- Continued benefits for future generations
- Enhanced creditor protection during your lifetime
- Immediate asset protection upon formation
- Secure distributions for up to 360 years
- Tax advantages and probate avoidance
Beyond Basic Estate Planning
Traditional estate planning through wills alone may not address complex family situations or asset protection needs. Our trust-based strategies help you:
- Control inheritance timing based on beneficiary responsibility
- Create separate trust funds for individual beneficiaries
- Maintain family wealth across generations
- Protect assets from children’s spouses or creditors
- Shield inheritance from bankruptcy and divorce claims
Our Approach
At Kelley Kronenberg, we develop comprehensive protection plans combining both revocable and irrevocable trusts to maximize control and protection. Our attorneys help you navigate the trade-offs between asset control and protection, ensuring your wealth remains secure while meeting your family’s needs.
