Help with Asset Protection
Asset protection planning involves the dissection and application of a handful of techniques that can help protect your assets from claims of future creditors. These methods, sometimes referred to as wealth management, were created to deter potential creditors from taking action. Additionally, if a creditor chooses to take action, the use of asset protection techniques can discourage them, typically by making it very hard for them to seize your assets or collect judgments against you.
When presented with a case involving a significant amount, an asset protection attorney will establish a number of partnerships (such as limited partnerships), living trusts, or offshore entities to protect your assets. Consequently, a potential creditor may recognize that it would be worthless to pursue a claim, or settle for a significantly lesser amount. Because there is a very thin line between legal asset protection and fraud, anyone interested in asset protection is advised to speak with an attorney experienced in asset protection law for assistance. To speak with an asset protection lawyer today, complete the free, no obligation case evaluation form on the right.
Do I Need Asset Protection?
Many mistakenly believe that only the significantly wealthy need asset protection. However, this is not always the case, as asset protection attorneys represent clients of different backgrounds and all levels of affluence. Particularly with the current state of the economy, more people are enlisting the help of an asset protection lawyer to ensure their assets are safeguarded.
Typically, an individual needs asset protection if he or she is:
- Facing a lawsuit
- Employed in a profession with a high degree of liability (lawyer, doctor, real estate investor, etc.)
- Facing a potential tax or similar government liability
- About to accumulate significant wealth, such as an inheritance or investment
- Struggling to make their mortgage or loan payments
- Facing excessive credit card or business debt
- Worried about the financial viability of their company
Additionally, if the value of your house has been reduced to less than the amount of your mortgage or if the worth of your retirement plan or investment portfolio has fallen to a point where your most valuable asset is your house, you most likely need asset protection.
Asset protection can be helpful to a wide range of individuals for a multitude of reasons. Ultimately, the goal of asset protection is to safeguard an individual’s hard-earned assets from creditors, litigants, and similar entities. If you are interested in discovering how an asset protection lawyer can help defend your worth, complete the free case review form on the right to get connected with an experienced asset protection attorney.