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You have worked long and hard to build your wealth and acquire assets. Unfortunately, in today’s society, litigation is increasingly utilized as a method to strip assets away from others. To protect yourself and your assets, consult with an asset protection attorney today. Read to learn more about asset protection plans and how an asset protection attorney can help you protect your wealth against potential litigants and creditors.
While asset protection plans come in many forms, each form essentially has the same goal. The goal of asset protection is to make it more difficult for a creditor to claim your personal or business assets. Of course, these plans are all carried out in a legal manner. Asset protection plans never engage in illegal practices like concealment of assets, contempt, fraudulent transfer, tax evasion, or bankruptcy fraud.
Leveraging all existing state exemptions in your favor is a simple asset protection tool.
Utilizing an umbrella policy insurance plan is a great way to maximize your liability insurance to better protect your assets.
Another great asset protection tool is a limited liability company or LLC. When structured properly, LLCs are a great asset protection tool to shield yourself from creditors.
If you have a high net worth or a fair amount of liabilities, creating an asset protection trust is an asset protection tool that you need to utilize.
Creating an offshore trust is one of the strongest asset protection tools available today.
A final common asset protection tool is marriage planning that allows assets to be transferred between spouses.
When it comes to asset protection plans, many individuals simply have the wrong perception. One misconception many individuals hold is that you must be significantly wealthy to have an asset protection plan. This is simply not true. Asset protection plans can be utilized by individuals from every walk of life, from young entrepreneurs to elder individuals seeking retirement.
While anyone can utilize an asset protection plan, they are extremely beneficial if:
If you hold any of the following assets, working with an asset protection attorney to create an asset protection plan is probably in your best interest.
Ultimately, asset protection can prove beneficial in a variety of different circumstances. Creating an asset protection plan is the best way to keep your assets out of the hands of creditors or litigants.
When creating an asset protection plan, there are certain elements that should be taken into consideration. The following are all elements that serve as essential pieces in an asset protection plan:
All asset protection plans should include insurance. Along with basic auto and home insurance, you should also obtain an excess liability policy that extends beyond basic liability coverage. Insurance is an essential piece to include in any asset protection plan.
Establishing ownership of all property is another essential piece of an asset protection plan. How you title your property is especially important when it comes to protecting your assets.
A final essential piece to include in an asset protection plan is an established trust. Establishing these trusts can be quite complicated. Therefore, it is in your best interest to work with an asset protection attorney when creating your trust to ensure it can stand up against creditor attacks.
It is important to start planning for your future and safeguarding your assets well before any problems arise. Unfortunately, individuals often find themselves in trouble when they try to start securing their finances after surprises or financial threats already occur. Now is a good time to get started on protecting your hard-earned income, savings, and assets and place them beyond the reach of litigants, creditors, or others who have an interest in claiming your wealth for themselves. It is in your best interest to consult with an experienced asset protection attorney today. Do not leave your assets unprotected. Take action today.
An asset protection attorney has the knowledge and tools necessary to help you protect your assets from possible litigation or other situations that could put them at risk. They will be able to advise you on the necessary documents to keep your financial assets safe.
Asset protection is important for many people, but even more so for business owners. Without proper asset protection, you run the risk of your assets being vulnerable to creditors and litigation.