How can I protect my assets during my lifetime?

One way to protect assets during a lifetime in North Carolina is to create a revocable living trust. This type of trust allows the grantor to stay in control of the assets; they can add and remove assets and change the terms of the trust if desired. The assets are then managed by a trustee, who is responsible for carrying out the grantor’s wishes. Any assets placed in the trust are exempt from probate in the event of the grantor’s death or incapacity. Another way to protect assets is to create a last will and testament, also known as an estate plan. This document can be used to specify how assets should be distributed upon death, often times avoiding probate and minimizing taxes. It can also be used to designate guardians for any minor children and set aside trust funds and manage their assets. It is important to note that a will must also be approved by a court of law before it is finalized. Finally, North Carolina law allows for asset protection planning. This includes setting up certain legal structures such as LLCs or family limited partnerships. These asset protection tools can be used to protect assets from future creditors and ensure these assets will remain in the family. The structure of these types of plans must be done by an experienced attorney to ensure they are properly set up and maintained. Overall, there are several strategies that can be used to protect assets during a lifetime in North Carolina. It is important to talk to an experienced elder law attorney to evaluate which combination of these strategies best suits your individual needs.

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How can I protect my assets during my lifetime?

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