Asset Protection Plan

What is asset protection planning?

Asset protection planning involves protecting your assets from claims of creditors. Unfortunately, our world is dominated by lawsuits, business risks and other situations that can place your hard earned assets at risk. Anyone can get sued. Lawsuits can arise from accidents, credit cards, business transactions or other claims. Protecting your property has become a necessity in our society. Our asset protection services focus on developing a legally sound plan that can protect your assets. Our process starts by evaluating your current financial situation and your anticipated future position to determine an appropriate asset protection plan. During the process we identify all potential risks, both current and in the future, and then develop an asset protection plan that aligns those needs with the optimal legal safeguards. We take into account current contractual obligations, business risks, personal loan guarantees, various types of professional practices and other individual situations. Our goal in your asset protection plan is to achieve the results that are best suited for you. We work with you to establish legally sound strategies that will help preserve your wealth and safeguard your assets. We represent professionals, small business owners, property owners and other clients with the goal of protecting their assets against potential litigation, judgments, liens and fraud. We help clients protect their “stuff” using a variety of strategies. And keep in mind… asset protection planning is not just for wealthy people. Even an average homeowner could face severe financial difficulty if an accident or injury occurs on their property.

How can my assets be protected?

We utilize a number of asset protection strategies to ensure that assets are effectively shielded to the greatest extent permitted by law. It’s important to understand that asset protection planning only works if you act before you are sued. The law provides that you cannot defraud current creditors. So if you are already in a lawsuit or you anticipate being sued, any transfer of assets to put them beyond the reach of creditors will not work. So it’s a good idea to put a plan into place before it’s too late. Of course, the first line of defense against litigation is liability insurance, which is typically inexpensive and provides peace of mind. Another way to protect assets is to place them in a trust. There are many laws that protect assets placed in trust, provided that the trust is properly drafted. Another way to protect assets is to invest in retirement accounts. Under federal law, certain retirement accounts are protected in case of bankruptcy and litigation. Asset protection is critical to keep things like your house, cars and investments safe from creditors or from plaintiffs in a lawsuit. It is a complicated area and in our litigious society, safeguarding the assets you have accumulated over the years, is becoming increasingly difficult. Remember … the best way to protect your assets is to plan well before there is a lawsuit, bankruptcy or any other nasty legal situation.