Asset protection planning is a key process of retirement and estate planning for individuals wanting to protect their personal assets and those associated with their businesses. Asset protection involves preserving and protecting assets from seizures by creditors. It is impossible to prepare for unavoidable or unexpected liabilities that may come about after retirement. It is crucial to seek the help of an asset protection lawyer to help obtain adequate insurance and avoid liens, seizures, or other collection methods. There are several ways an asset protection lawyer can help prepare for the unexpected.
Asset protection pertains to both personal assets and a person’s business assets. When planning for the future, an asset protection lawyer can assist in protecting your assets and preparing for the unexpected. The following is a list of 5 ways an asset protection lawyer can help you:
- Maximize potential benefit: An asset protection lawyer can assist in differentiating between the different types of asset protection plans, including trusts or LLCs. Trusts are typically more useful for protecting family assets, while LLCs are better for protecting business assets.
- Knowledge of trusts: There are revocable and irrevocable trusts. A revocable trust may have the terms changed at any time but does not provide strong asset protection. An irrevocable trust, on the other hand, cannot be modified without the agreement or permission of the beneficiaries.
- Ensure asset protection plan is executed properly: Asset protection plans strategies, (if not executed properly), could actually result in the loss of assets. Thus, having a trusted asset protection lawyer is crucial to the process.
- Give objective counsel: When an unexpected or unavoidable issue arises objective counsel can provide trusted advice regarding your assets.
- Protect hard generated wealth from claims
The process of choosing the best plan to protect your personal and business assets can be overwhelming and stressful. To help navigate this critical process, contact a trusted asset protection lawyer with the skills to protect your assets.
While you may not be able to plan for the unexpected, you can be prepared for it. When it comes to your assets, you cannot be too prepared. Make sure your assets are fully protected.
At Rosenblatt Law Firm, our team of seasoned lawyers has the knowledge and experience to help protect your assets. Our skilled asset protection lawyers are proud to offer the trusted legal counsel you deserve. To set up a consultation, contact us here or call (210) 562-2900.