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Botto Gilbert Lancaster, PC

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McHenry County, IL Asset Protection Lawyers

Algonquin asset and wealth protection lawyer

McHenry County, IL Estate Planning Attorneys for Wealth Preservation

Part of estate planning is protecting the assets you have accumulated in your life. While growing your wealth is always a goal, there comes a time when it is essential to maintain and protect what you have. Losses later in life can be difficult or impossible to overcome.

By working with an experienced estate planning attorney, you can learn more about asset and wealth protection and take steps to reduce your future risk. To discuss asset and wealth protection, contact us at Botto Gilbert Lancaster, PC at 815-338-3838.

The Importance of Asset Protection

There are many reasons to proactively protect your assets, including to:

  • Reduce the risk or impact of creditor's claims
  • Minimize taxes
  • Pass on wealth to your children and grandchildren

Your Asset Protection Options

Protecting your assets requires different strategies than growing your wealth. When you are trying to expand and grow your portfolio, you may be willing to take considerable risks. However, asset protection seeks to mitigate losses and at the very least, maintain what you have for the future. Speak with one of our experienced estate planning attorneys to learn about your asset protection options.

Coordinating Asset Protection With Your Estate Plan

Ensuring your asset protection strategy is not at odds with your estate plan takes more consideration and effort than you may think. Certain actions that make sense to protect your current wealth may not align with what your wishes are when you pass away and vice versa. For instance, making gifts to your loved ones or transferring ownership of assets to other individuals is common in an estate plan. However, this can be a poor choice for asset protection if there are any factors that could make your actions look like fraudulent transfers.

Instead of relying on one financial professional who is focused on wealth protection, partner with an experienced estate planning attorney as well. A lawyer can provide you with the legal and estate planning ramifications of your wealth protection strategy, ensuring you are fully informed before making any decisions.

Our Estate Planning Lawyers Are Here for You

It can be difficult to shift gears from growing your wealth to maintaining your current assets. However, it is better to do this sooner rather than later. The longer you take to introduce an asset and wealth protection strategy, the greater you risk insurmountable losses. At Botto Gilbert Lancaster, PC, we can help you understand the benefits and options for asset and wealth protection. Contact us at 815-338-3838 to schedule an initial consultation.

Illinois State Bar Association State Bar of Wisconsin Crystal Lake Chamber of Commerce Illinois Trial Lawyers Association McHenry County Bar Association
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