Our Asset Protection Attorneys Will Protect What Matters Most To You in Santa Barbara

 

Bartlett & Herrington, P.C. is devoted to providing exceptional Asset Protection services to families and individuals in Santa Barbara.


SCHEDULE A STRATEGY SESSION
 

Our Asset Protection Attorneys Will Protect What Matters Most To You in Santa Barbara


Bartlett & Herrington, P.C. is devoted to providing exceptional Asset Protection services to families and individuals in Santa Barbara.


SCHEDULE A COMPLIMENTARY STRATEGY SESSION

Contact Us Today

Call (805) 576-7693 to speak with our experienced Trusts & Estates attorneys.

SANTA BARBARA ASSET PROTECTION ATTORNEYS

Many families and business owners in Santa Barbara are concerned about protecting their assets from creditors. Bartlett & Herrington has experience designing asset protection strategies for individuals, families, physicians and business owners. A revocable trust provides no asset protection for the trust maker during his or her life. Upon the death of the trust maker, however, or upon the death of the first spouse to die if it is a joint trust, the trust becomes irrevocable as to the deceased trust maker’s property and can provide asset protection for the beneficiaries, with two important caveats.

First, the assets must remain in the trust to provide ongoing asset protection. In other words, once the trustee distributes the assets to a beneficiary, those assets are no longer protected and can be attached by that beneficiary’s creditors. If the beneficiary is married, the distributed assets may also be subject to the spouse’s creditor(s), or they may be available to the former spouse upon divorce.

Trusts for the lifetime of the beneficiaries provide prolonged asset protection for the trust assets. Lifetime trusts also permit your financial advisor in Santa Barbara to continue to invest the trust assets as you instruct, which can help ensure that trust returns are sufficient to meet your planning objectives. The second caveat follows logically from the first: the more rights the beneficiary has with respect to compelling trust distributions, the less asset protection the trust provides. Generally, a creditor ‘steps into the shoes’ of the debtor and can exercise any rights of the debtor. Thus, if a beneficiary has the right to compel a distribution from a trust, so too can a creditor compel a distribution from that trust.

If you live in Santa Barbara, contact the experienced attorneys at Bartlett & Herrington to discuss asset protection options available to you and your family.


MEET OUR ATTORNEYS
Wealth Counsel

Academy of VA Pension Planners

Elder Counsel

TESTIMONIALS

“I have worked with numerous attorneys over a 10 year period in my personal and business dealings, and after hiring Neal I am confident that he will be the only attorney I will work with on any future matters. On a scale of 1 to 10, he is a 10.”

-T.C.

VIEW MORE TESTIMONIALS

SCHEDULE YOUR CONSULTATION


Bartlett & Herrington, P.C.


4299 Carpinteria Ave., Suite 101
Carpinteria, CA 93013

Phone: (805) 576-7693
Fax: (805) 576-7697

SCHEDULE YOUR FREE ESTATE PLANNING SESSION


Bartlett & Herrington, P.C.

4299 Carpinteria Ave., Suite 101
Carpinteria, CA 93013

Phone: (805) 576-7693
Fax: (805) 576-7697

If you own property in Santa Barbara, you want to make sure that the protection of your assets comes first. Property in this area tends to be very expensive, and it also tends to increase in value over time. You are going to want to protect the assets that you have.

These basic tips will help you to keep your assets secure.

Work With A Lawyer

If you don’t collaborate with a lawyer right now, you may want to change that. You don’t need to be going to court to work with an attorney. Teaming up with a lawyer can help you in many ways.

Lawyers can be especially useful when it comes to contracts. Before you sign a contract, you should make sure that your contract says what you think it does. An attorney will be able to point out any issues in your contract.

Obtain The Right Kind Of Insurance

Insurance is one of the most important components of asset protection. If you have the right type of insurance, you will know that your asset is always fully protected.

You may want to look into umbrella insurance. As its name implies, this type of insurance is designed to provide you with a broad range of protection. Purchasing the right kind of insurance policy will protect you in different circumstances.

Follow The Appropriate Procedures

When something goes wrong, you should make sure that you and your family follow the right procedures. If for example, you have to file an insurance claim, make sure that you do all of the things that you are supposed to do.

If you make a mistake, and you fail to follow the right procedures, you may wind up having issues going forward. These procedures may be frustrating, but they exist for a reason. You should make sure that you handle any problem in the right sort of way.

Place Assets In Your Spouse’s Name

While you should place many of your assets in your name, you should think about putting some of your assets in the name of your spouse. Putting your assets on both of your names will protect you in a worst-case scenario.

If you pass away, your spouse won’t have to wait for your assets to go over to them. They will already have access to assets. Giving them access to your assets will also protect you and your assets if you encounter legal issues in the future. You may also want to pass assets over to adult members of your family.

There are a lot of things that families in Santa Barbara can be doing to protect themselves. You should make sure that you and your family have all of the protection that they need. If you follow these asset protection tips, you will be able to avoid a lot of the issues that other people encounter. Anyone that lives in Santa Barbara, California should be taking steps to protect the assets that they have.