Asset protection planning can help New Jersey residents safeguard their property, savings, and other valuable assets from potential creditor claims and financial risks. While some people associate asset protection with illegally hiding assets, New Jersey law provides legitimate ways to protect certain assets when planning is done properly and before creditor issues arise. Strategies such as Medicaid planning with an irrevocable trust may also help preserve assets when preparing for future long-term care expenses.
At The Matus Law Group, our New Jersey asset protection attorneys help individuals and families understand their options for protecting their financial future. Effective asset protection planning requires careful preparation and strategies tailored to individual circumstances.
This guide discusses the benefits of asset protection planning and why taking action early can make a difference. Call (732) 281-0060 to schedule a consultation and discuss your asset protection needs.
Asset Protection During a Lawsuit
As soon as a lawsuit starts, the plaintiff may be able to “attach” some types of property. State law allows them to do this in some situations to ensure that the defendant (you) has the assets or funds to satisfy their judgment if they get it at the end of the lawsuit.
Proper asset protection planning can make attaching certain property during a lawsuit virtually impossible, or at least extremely difficult.
Protection from Judgments
Even after a creditor or other plaintiff receives a judgment, he or she still has to collect on it. You can place some assets out of reach of these creditors so that particular property can remain untouched even if the judgment is substantial.
Keep in mind that asset protection planning shields assets from not only creditors but also anyone who may sue you and obtain a judgment for any reason.
Asset Planning Attorney in New Jersey – The Matus Law Group
Christine Matus, Esq.
Christine Matus, founder and owner of The Matus Law Group, is a New Jersey attorney who helps individuals and families with estate planning, asset protection, and elder law matters. She earned her Juris Doctor from Touro College, Jacob D. Fuchsberg Law Center in 1995 and her Bachelor of Arts in Economics from Rutgers University in 1992. She has been admitted to practice in New Jersey and the U.S. District Court for the District of New Jersey since 1995.
Christine is a member of the New Jersey State Bar Association and serves on the Board of Trustees of the Ocean County Bar Association. She has also lectured on estate planning, special needs planning, and other legal topics, and co-authored articles addressing elder law and long-term care. Through her legal practice and community involvement, she helps New Jersey families make informed decisions about protecting their assets and planning for the future.
Financial Privacy
One of the benefits of asset protection planning is privacy. You can keep what type of assets or the quantity of property you own to yourself. You can also reduce your “visible” net worth by using asset protection planning as well.
While financial privacy may not be very high on your priority list, this type of confidentiality can prevent or discourage frivolous lawsuits. You are essentially removing some of your assets from the public eye, or at least making them harder to associate with you, by using proper asset protection planning.
Avoiding Lawsuits
Some individuals will target individuals if they know they have assets to pay for a judgment. If you can make it look like you less, that can dissuade others from asserting legal claims against you.
Litigation is expensive, particularly if you are defending yourself. Preventing a lawsuit to start with can help you avoid those unnecessary costs and time.
Protect Your Assets and Plan for the Future with The Matus Law Group
Taking steps to protect your assets before financial problems arise can help preserve your property, savings, and long-term financial security. Whether you are concerned about potential creditor claims, future long-term care expenses, or protecting assets for your loved ones, having a well-structured asset protection plan can help you prepare for these challenges.
At The Matus Law Group, our New Jersey asset protection attorneys work with individuals and families to develop strategies based on their financial circumstances and estate planning goals. We can help you understand your legal options and determine which asset protection strategies may be appropriate for your situation. Call (732) 281-0060 to schedule a consultation and discuss how we can help you protect what you have worked hard to build.
