Oakland County, Michigan Asset Protection Lawyers Weisman, Young & Ruemenapp HomeAssessing How Vulnerable You Are to Creditor Claims
Column A | Column B | ||
Assets you have given away (but not fraudulently transferred) | $ | Assets you own in your own name | $ |
Assets held by the entireties (typically real estate but can also be used for certain intangible personal property) | Jointly held assets | ||
Interests in limited liability companies and partnerships | Stock in corporations, sole proprietorships | ||
Proceeds of life insurance payable on death; life insurance owned by an irrevocable life insurance trust | Cash value life insurance | ||
IRA's, 401(k)'s, profit sharing and pension plans | Checking and savings accounts, bonds, stocks, brokerage accounts, CD's, and money market accounts, vehicles, boats, airplanes | ||
Offshore Asset Protection Trust | Standard revocable living trust; offshore bank accounts | ||
Domestic Asset Protection Trust | Rights to income and principal held by beneficiary | ||
Homesteads | People who have recently moved; low homestead exemption states | ||
Special Needs Trusts | Support trusts | ||
Trusts for Minors | Custodial accounts (after age of majority) | ||
ASK YOURSELF: Have I protected enough of my assets by using Column A strategies so that if I lose all of my Column B assets, I still have a comfortable nest egg?
