How do I know if I need to consider asset protection?

You worked hard to earn your assets, so you should get to keep them—whether they are in the form of real estate, savings accounts, stocks, or anything else. An asset protection attorney works to safeguard your wealth so it can be left to your loved ones after you are gone. 

Do you even need this kind of legal planning? If the cost of putting together a plan is lower than the value of the assets you are protecting, then the answer is a most emphatic “yes!” 

Why You Need a Wealth Protection Strategy

It’s a simple fact that the more wealth you acquire, the higher the risk is that someone will try to take it away. Your assets are always in danger, whether through business litigation, expensive nursing home stays, former spouses, or by creditors after you pass away or become incapacitated. The goal of asset protection is to shield resources like:

• Businesses you own
• Your home or other real estate in your name
• Your primary vehicle and any secondary cars, trucks, or motorcycles
• The contents of your checking, savings, and retirement accounts 
• Any other financial accounts or valuable assets

Insurance is an important tool for keeping these resources safe, especially for professionals in fields with frequent lawsuits, but insurance alone isn’t enough to cover everything. It should be considered the first line of defense, rather than the last line. 

Beyond insurance coverage, there are multiple routes to protecting your assets, as not all solutions are appropriate for every financial situation. An experienced asset protection attorney doesn’t just offer a comprehensive plan for current needs but also anticipates changes to achieve your future goals. Specific asset protection strategies may involve:

• Creating and funding trusts to protect assets from probate and creditors
• Expanding retirement accounts
• Forming a limited liability entity to protect personal assets 
• Retitling assets into another person’s name, such as a spouse

Don’t Lose Your Assets by Failing to Plan Ahead

Are you still wondering if you need to start an asset protection plan? Don’t put yourself and everything you’ve earned at risk by failing to act. Call or message us to set up a free consultation and discuss your situation.