Asset Protection is a comprehensive legal plan to protect and preserve the assets of individuals and/or business entities from litigation. A thorough Asset Protection Plan legally and effectively insulates your assets from the results of litigation by any type of creditor. If properly conducted, regardless of the outcome of a claim, the asset remains untouched by the creditor, but available for your use. Asset Protection is a journey, not a destination. It must be carefully reviewed and adjusted based upon the then existing circumstances. Asset Protection does not have to create a perfect impenetrable structure. Often, a plan that costs the creditor time, energy, and resources where there is no clear outcome may be all that is needed to accomplish the goal.
Lawsuits, taxes, and other realized financial risks can eradicate your hard earned, but unprotected assets. Simply put, Asset Protection Planning aims to shield the wealth you have built over your lifetime from any such potential liabilities. Asset Protection Planning is most effective long before the potentiality of a claim becomes imminent or a reality. What can be done after a claim materializes is far less effective than the planning that can be accomplished well before.
Despite common misconceptions, Asset Protection is not about concealing assets, defrauding creditors, or evading income taxes. Conventional Asset Protection Planning is the positioning of assets to make them unattractive or legally unreachable by creditors while still available to meet your financial goals and needs. Thorough Asset Protection Planning should reach a balance between shielding your wealth from creditors while still giving you access to your assets.
Our Asset Protection attorneys are well versed in a variety of Asset Protection Planning issues. Call (855) 764-8631 to speak with us today or click on the link below to chat with someone now.