Fairfax, VA Asset Protection Attorneys

Estate Planning Lawyers Helping Families Protect Assets in Fairfax

Preserving wealth for future generations is one of the most important goals for many families when creating estate plans. Without proper planning, some assets may be vulnerable to creditors, lawsuits, taxes, and other risks. At Fox & Moghul, we help our clients develop estate plans that include proven asset protection strategies. Our attorneys can advise you on the best solutions to ensure that your wealth is protected and that your assets will be preserved and distributed correctly.

Key Asset Protection Strategies

There are many legal tools that can be used to protect a family's assets and make sure family members will have the financial resources they need in the future. Our lawyers can help you understand the best ways to use tools such as:

Trusts

Trusts can be used to shield assets while ensuring that they are managed and distributed correctly. Common types of trusts that may be used for asset protection purposes include:

• Revocable Living Trusts: These trusts allow you to retain control over your assets during your lifetime while simplifying the distribution process after your death. Although they may provide limited protection against creditors, they can be useful for avoiding probate and addressing specific financial concerns that may affect you and your family.
• Irrevocable Trusts: Once these types of trusts are established, the assets they hold are no longer considered part of your estate. This can provide protection from creditors, and it can also help reduce estate taxes. Irrevocable trusts are often used to shield assets from liability, preserve wealth for children or grandchildren, or provide for a loved one with special needs without affecting their eligibility for government benefits.
• Asset Protection Trusts: Domestic asset protection trusts are available in certain states, and offshore asset protection trusts may allow assets to be held in foreign countries. These trusts offer protection for assets, ensuring that they will be out of the reach of creditors. Our attorneys can ensure that these trusts are set up correctly and provide guidance on what types of assets may be protected.

Tax Planning

Estate and inheritance taxes can reduce the value of an estate and limit the assets that will be passed to your heirs. Proper tax planning can help to minimize the tax burdens your beneficiaries may face while maintaining compliance with the law. Our lawyers can advise you on how to use strategies such as:

• Lifetime Gifting: You can utilize annual gift tax exclusions and lifetime gift exemptions to transfer wealth to family members tax-free.
• Charitable Trusts: Certain types of trusts will allow you to make donations to charitable organizations while providing tax benefits for your estate.
• Generation-Skipping Trusts: You may be able to reduce taxes by transferring wealth directly to grandchildren or further descendants.

Family LLCs or Partnerships

Family Limited Liability Companies (LLCs) and Family Limited Partnerships (FLPs) are legal entities that allow families to manage and protect shared assets, such as real estate or investments. Key benefits of these entities include:

• Control and Management: The family will retain control over assets while establishing clear rules for their use and distribution.
• Liability Protection: LLCs shield family members from personal liability associated with the entity's assets.
• Tax Advantages: LLCs and FLPs can help reduce gift and estate taxes through valuation discounts on transferred interests.

Other Protective Measures

There are a variety of additional strategies that may help protect and preserve assets, such as:

• Titling Assets Appropriately: By using joint ownership or transfer-on-death arrangements, a family can simplify the process of transferring assets while avoiding probate.
• Insurance: Maintaining liability, life, or long-term care insurance can help address risks that could deplete estate assets.
• Prenuptial or Postnuptial Agreements: A person who owns significant assets before getting married or stands to inherit property can take steps to protect family wealth in the event of a divorce.

Contact Our Fairfax, Virginia Asset Protection Lawyers

Securing your family's future begins with effective estate planning. At Fox & Moghul, we can help you take steps to protect your assets and create a lasting legacy that will preserve your wealth and provide for your family's needs. Contact us today at 703-652-5506 to schedule a consultation and learn how we can help you safeguard your assets and your family's future.