Leading Elder Law And Estate Planning Attorney Michael T. Huguelet Advises How To Avoid Asset Protection Problems – Orland Park, IL
Sep 18, 2023
Top estate planning attorney Michael T. Huguelet founder of the Orland Park Law Office of Michael T. Huguelet, P.C points out the key things that will help protect your financial estate when facing a lawsuit. For more information please visit https://www.hugueletlaw.com
Orland Park, Illinois, United States - September 18, 2023 —
Illinois Estate Planning and Elder Law Attorney Michael T. Huguelet has outlined vital areas to help better protect assets if an estate is subject to a lawsuit.
For more information please visit https://www.hugueletlaw.com
The founder of the Law Office of Michael T. Huguelet, P.C., in Orland Park, IL., said that leveraging sophisticated legal structures when transferring assets into another name is vital to keep the wealth secure. However, timing is also critical.
"Transferring your estate from your name to a close family member is tempting when faced with a lawsuit," he said. "You might think this is an excellent way to continue controlling your estate, but things can quickly turn for the worse.”
"For the person you transfer your wealth to could also wind up in legal trouble, putting your assets at risk. In addition, that person is now in control of your assets.”
Huguelet said: "If you place your estate in your spouse's or another person’s name and they get sued after being in an accident, your assets could be fair game.’’
"Matters may also become complicated if you divorce and/or switch assets into someone else's name. The courts may perceive this type of transfer as fraudulent."
Fraudulent transfers are defined as transferring assets to another person at a less than reasonably equivalent value to try to defraud the creditor and could attract hefty penalties. A court could force such assets to be transferred back and paid to creditors.
"Transferring your funds when you're in legal trouble may look suspicious, and make it seem like you're trying to avoid paying back a debt, which is not the primary purpose behind asset protection planning," he emphasized.
He cautioned that it was crucial to begin the asset planning process early. "This means you and an experienced asset planning attorney have more time to work to put together a solid plan. This should include estate planning for when someone passes away, business and tax planning," Huguelet concluded.
Source: http://RecommendedExperts.biz
Contact Info:
Name: Michael T. Huguelet
Email: Send Email
Organization: Law Office of Michael T. Huguelet, PC
Address: 10723 W 159th St, Orland Park, IL 60467, United States
Phone: 708-722-8442
Website: https://www.hugueletlaw.com
Release ID: 89107279
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