Asset Protection and Wealth Preservation in Bucks county, PA
Trusted Asset Protection Attorney in Bucks County
Leonid Mikityanskiy is a Bucks County, PA Estate Planning Attorney with over 15 years of experience, specializing in Asset Protection Trusts, Wealth Preservation, and Business Succession Planning. He has received numerous accolades from his clients for his dedication to estate planning and asset protection.
Why Asset Protection Matters
Effective asset protection and wealth preservation are crucial to safeguarding your family legacy, which includes money, real estate, businesses, retirement plans, artwork, jewelry, and other valuable assets. Without proper asset protection, these resources can be vulnerable to inheritance taxes, lawsuits, or unforeseen events.
In Pennsylvania, inheritance taxes are a significant consideration. Unlike many neighboring states, Pennsylvania does not have an exemption amount for inheritance. The Pennsylvania Department of Revenue imposes taxes as follows:
- Children: 4.5%
- Siblings: 12%
- Other beneficiaries: 15%
Asset Protection Strategies We Offer
The Law Offices of Leo Mikityanskiy offers a range of asset protection and wealth preservation strategies, including:
- Estate Planning: Drafting Wills and Asset Protection Trusts, making lifetime gifts, and reducing estate taxes.
- Medicaid Asset Protection Trust: Protecting assets while qualifying for Medical Assistance.
- Business Formation: Limiting personal liability by forming LLCs, Family Limited Partnerships (FLPs), or corporations.
- Generation-Skipping Transfers: Planning for the transfer of wealth to grandchildren and creating family or legacy trusts.
- Asset Protection Trusts: Establishing trusts to hold corporate stock or LLC interest.
- Tax-Efficient Gifting Strategies: Implementing advanced trusts, including:
- Crummey Trusts
- Grantor Retained Annuity Trusts (GRATs)
- Qualified Personal Residence Trusts (QPRTs)
- Qualified Terminable Interest Property (QTIP) Trusts
- Irrevocable Life Insurance Trusts (ILITs)
Comprehensive Planning for Families
We work with individuals, business owners, and retirees to effectively plan for major life events such as marriages, divorces, retirements, and disabilities. Our goal is to help families protect and manage their wealth, ensuring that assets are kept within the family for future generations.
Why Start Asset Protection Now?
The best time to start planning is before you face any potential problems, such as lawsuits or creditor issues. If you have accumulated significant assets, discussing your asset protection trust with a knowledgeable attorney is essential. Waiting until a lawsuit is filed may leave you with limited options.
Advanced asset protection methods, such as multiple LLCs or asset protection trusts, can be beneficial for families with significant assets. Proper asset protection planning can help shield your wealth from divorces, lawsuits, and other unforeseen events.
Contact an Experienced Asset Protection Attorney
The Law Offices of Leo Mikityanskiy, P.C. helps clients with asset protection and wealth preservation in Bucks County and Northeast Philadelphia, PA. Call us today at 215-357-1400 to schedule an appointment at our Southampton, PA office.