When you have assets, you want to be sure they are intact for your loved ones to enjoy after your death. If you’ve worked a lifetime building a business, acquiring assets or investing in real estate you likely want to protect your legacy from lawsuits, claimants and high taxation upon your death. For this, you need to hire an experienced asset protection attorney in Chicago.
Asset protection can take many forms. After an individual’s death, his or her creditors seek repayment for any outstanding debts. Similarly, the Internal Revenue Service (IRS) seeks the repayment of any outstanding taxes the deceased owes. Other parties who can come after an individual’s assets include former partners, relatives, and litigants involved in lawsuits with the deceased. By using estate planning and wealth management strategies like trusts, you can protect your assets from being taken by these parties after your death. Another party to consider protecting your assets from is Medicaid, which can seek repayment for the benefits it paid for individuals over the age of 55 after their deaths.