Asset Protection

Virginia Asset Protection Attorneys

Most of us have worked long and hard to acquire our assets, and we want the peace of mind that results from knowing they will be distributed according to our instructions after death. J.S. Burton is experienced and skilled in all forms of asset protection and can assist in sheltering assets, regardless of their character.

A number of things can threaten estate assets before and after the testator (person to whom the estate belongs) dies. One major threat to assets is the possibility that long-term medical and nursing home care will be needed in the future. Long-term care is exceptionally expensive and, with the elderly population growing as people live longer, it becomes more and more likely that a person will need this type of care at some point in their life. The costs of care can easily diminish a nest egg in a matter of months or years, making it impossible for a person to leave these assets to loved ones.

Planning for Long-Term Care

There are, however, ways to plan for long-term care that will enable a person to preserve assets for the beneficiaries of their estate. Medicaid is means-tested, government-provided health coverage and will cover long-term care costs for those who qualify. J.S. Burton will work with a client's current assets and income in order to make them eligible for this program. We regularly assist clients in preserving their assets from long-term care costs, either if the need for long-term care is anticipated beforehand or is needed immediately. The best part is that the client is usually able to maintain control over their assets until they become incapacitated or die.

When developing a comprehensive estate plan, we usually include a durable power of attorney and advance medical directive. By appointing an agent up front to make financial and healthcare decisions once unable to do so preserves the client’s assets by freeing them from guardianship or conservatorship hearings and the resulting costs.

Liability

We regularly represent lawyers, doctors, and other professionals and business owners who have increased liability as a result of their occupation. Liability can result from malpractice, the breach of fiduciary duties, and negligence claims of all kinds. While a lawsuit can have devastating financial effects on anyone, being found liable can have a catastrophic effect on a professional or business owner. Therefore, we work with clients to separate personal and business assets so that personal assets are untouchable by creditors. We also incorporate the necessary items into the estate plan to limit a person’s liability before and after death. Whether your assets, business interests, or entity are domestic or offshore, J.S. Burton can help.

If you are concerned about asset protection, you should contact J.S. Burton at (888) 885-9001 for a consultation today.

Opinions That Matter Most

Read What Our Former Clients Have to Say

“Professional, courteous, vast knowledge and explanations were superior!”
- Nicole G.
“I found his professionalism, clarity, and expertise very evident and would definitely recommend his practice.”
- Lillie B.
“John Burton and his team are true professionals.”
- Denise W.
“Our work with Attorney John Burton was all we had hoped it could be.”
- Jim F.
“Mr. Burton and his team go above and beyond in ensuring that your assets and future are protected and organized!”
- Adrea J.

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FAQs

What is estate planning?

When someone passes away, his or her property must somehow pass to another person. In the United States, any competent adult has the right to choose the manner in which his or her assets are distributed after his or her passing. (The main exception to this general rule involves what is called a spousal right of election which disallows the complete disinheritance of a spouse in most states.) A proper estate plan also involves strategies to minimize potential estate taxes and settlement costs as well as to coordinate what would happen with your home, your investments, your business, your life insurance, your employee benefits (such as a 401K plan), and other property in the event of death or disability. On the personal side, a good estate plan should include directions to carry out your wishes regarding health care matters, so that if you ever are unable to give the directions yourself, someone you know and trust can do that for you.
Why is it important to establish an estate plan?

Sadly, many individuals don’t engage in formal estate planning because they don’t think that they have “a lot of assets” or mistakenly believe that their assets will be automatically shared among their children upon their passing. If you don’t make proper legal arrangements for the management of your assets and affairs after your passing, the state’s intestacy laws will take over upon your death. This often results in the wrong people getting your assets as well as higher estate taxes.
If you pass away without establishing an estate plan, your estate would undergo probate, a public, court-supervised proceeding. Probate can be expensive and tie up the assets of the deceased for a prolonged period before beneficiaries can receive them. Even worse, your failure to outline your intentions through proper estate planning can tear apart your family as each person maneuvers to be appointed with the authority to manage your affairs. Further, it is not unusual for bitter family feuds to ensue over modest sums of money or a family heirloom.
What does my estate include?
Your estate is simply everything that you own, anywhere in the world, including:
- Your home or any other real estate that you own
- Your business
- Your share of any joint accounts
- The full value of your retirement accounts
- Any life insurance policies that you own
- Any property owned by a trust, over which you have a significant control
How do I name a guardian for my children?

If you have children under the age of eighteen, you should designate a person or persons to be appointed guardian(s) over their person and property. Of course, if a surviving parent lives with the minor children (and has custody over them), he or she automatically continues to remain their sole guardian. This is true despite the fact that others may be named as the guardian in your estate planning documents. You should name at least one alternate guardian in case the primary guardian cannot serve or is not appointed by the court.