Frequently Asked Questions About Asset Protection
When should I begin asset protection? Is my family liable for my business debts? What are the benefits of a bridge trust? We have the answers you need to your questions about asset protection. Browse or search our FAQ page to learn more.
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Isn’t Asset Protection Only For Those With A Very High Net-Worth?
Even people with fewer assets than you might imagine could benefit from asset protection planning. Asset planning protection is not something that should only be considered by millionaires. Instead, anyone who owns assets that would be painful to lose should consider taking action now to protect those assets in case a problem arises in the future.
A client with a net worth of $5 million won’t be nearly as affected by a $1 million lawsuit judgment compared to a client with a $1 million net worth. Right? The client with a $5 million net worth can pay the judgment and their life won’t drastically change whereas the other client would be bankrupt. It’s about peace of mind. Clients with a net estate of $1 million and up should consider asset protection.
Why an Asset Protection Plan Is Important for You
Without an asset protection plan in place, you are vulnerable to the unpredictability of lawsuits, bankruptcy, and other legal problems that could result in the potential loss of many of your assets. Something as simple and unpredictable as a car crash could mean that you lose everything that you’ve worked for or inherited.
Accordingly, it is important to consider an asset protection plan if:
- You own property.
- You own a business.
- You are a professional who may be sued, such as a doctor, lawyer, accountant, or real estate investor.
- You have a lot of assets that could be vulnerable in a lawsuit.
- You are close to retirement and want to make sure that your retirement funds are secure.
The risk of losing your real estate, your business, or your other assets is just too great a chance to take when there are options available to protect these assets from loss.
Get Help With Your Asset Protection Plan Today
If you think you may need an asset protection plan, then it is important to consult with an experienced estate planning lawyer at your earliest convenience. There are many different legal strategies that could help you, depending on your unique situation. If you use the wrong strategy or if you fail to implement the strategy correctly, then your assets could remain at risk.
An estate planning lawyer can help protect you from risk and can help you protect your assets for your use and enjoyment and for your heirs and beneficiaries. To learn more, please schedule a free, confidential, no-obligation consultation with the Estate Planning Law Center at your earliest convenience. You never know when a lawsuit or other unplanned event could put your assets in jeopardy.
Won’t I lose control of my money with asset protection?
With proper legal asset protection planning, you do not lose control of your money.
Can asset protection be implemented after being sued?
The BEST asset protection is set up BEFORE any threat or serving of a lawsuit. However, every circumstance is very individual and in some cases, even after the fact, some planning can be done. You should contact an experienced attorney if you find yourself in such a circumstance.
Aren’t Domestic Asset Protection Trusts (onshore planning) as strong as offshore planning?
No. While onshore planning provides substantial asset protection – it’s not bulletproof. The courts can and have set them aside. Offshore planning is essentially bulletproof – it is outside the jurisdiction of U.S. courts.