What is an Asset Protection Attorney and What Does they Do?

What is Asset Protection ?

Asset protection is a strategy to keep your property safe from being taken by someone who it was not intended for to receive the assets. Asset protection strategies are used both by individuals and companies. Individuals and business entities use asset protection techniques to limit creditors' access to certain valuable assets, while operating within the bounds of debtor-creditor law.

Asset Protection Planning In order to successfully protect your assets, asset protection planning is essential even before a lawsuit initiates. A comprehensive asset protection plan integrates the goals of protecting both your short-term and long-term financial goals plus your estate planning goals.

Benefits of Making Plans for Asset Protection We can avail the following benefits by making plans for asset protection:      

Protection against unavailable or inadequate insurance coverage Protection in the event of a divorce Protection from nursing home expenses Protection of business assets from potential claims Protection of children’s inheritances from their creditors/ divorces.

Making investment in rental properties for reducing exposure to potent

Defining an Asset Protection Attorney An asset protection attorney is a lawyer with experience in helping people and clients find legal ways to protect their assets when lawsuits, bankruptcy, creditor claims, or other liabilities etc. arise. This experience allows the attorneys to discuss the advantages and disadvantages of certain asset protection tools with their clients. The attorneys can give you legal advice that will help you make the most of your asset protection plan

Tools Used By an Asset Attorney to Protect Your Assets Various asset protection strategies employed are: o Limited Liability Company o Maximize Contributions to Your 401(k) or IRA o Load Up Liability Insurance

ď śLimited Liability Company Business owners are often liable if their company goes bankrupt or issued and they may lose their personal assets. By creating an LLC, you may be able to protect your assets from creditors and lawsuits. This means that you are not personally liable for business debts and judgments.

Maximize Contributions to Your 401(k) or IRA Tax-favored retirement accounts, comprising of 401(k)s, pension plans and IRAs offer special protection. Hence, maximizing contributions to your company’s 401(k) plan is not only a good idea to increase your retirement savings, but this will keep the investments away from the creditors and lawsuits. If your company doesn’t offer a 401(k) plan, an investment in an IRA may accomplish these goals.

ď śLoad Up Liability Insurance The first line of protection against liability is insurance. This may include business liability insurance, homeowner’s insurance, an umbrella policy and others. Make sure that you have liability coverage to minimize risk to your personal assets.

Conclusion Asset protection planning is not only for the people who are wealthy. If you have any property, money or investment that you want to protect, then create a plan.

Making plans at a very early stage can protect more of your assets if you take actions at such an early stage.

We even help you to conduct a risk analysis so that you can determine your vulnerability and the biggest risks to your financial security. Once the risk areas are identified, we will also identify and implement the asset protection strategy that makes sense for your particular situation.

The Only Elder Law Center of Wisconsin Affiliated with a Life Care Planning Firm will help you out as they are not just lawyers, they are people who believe strongly in what we do and advocate and support our clients.

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