The Benefits of Having an Asset Protection Lawyer
Imagine you are a successful business owner. You’ve put in the long hours and worked your way up the corporate ladder. Your company is growing and you’ve worked hard to earn your salary. As a result of your success, you’ve been fortunate enough to be able to purchase a larger home, a boat, jewelry, and other high-value items.
Then a customer calls and complains about the service they received. They are suing you. You call your lawyer and realize what could potentially be at risk. If not protected correctly, all of your assets could be in danger. Here’s why you need an asset protection lawyer.
Protecting Your Assets
Simply put, asset protection is guarding your wealth — any kind of wealth. This includes high-value items such as homes and jewelry, and it also includes things like retirement plans, estate plans, and inheritance money.
Protecting your assets as a business owner is extremely important. Like in the scenario above, if you own your own business, your personal assets could be at risk during a business lawsuit. In order to prevent this from happening, it’s best to have a plan before any lawsuits occur. It’s much harder to fight the creditors to get your money back once they already have access to it. This is where an asset protection lawyer, like an asset protection lawyer in Chandler, AZ, can be a good resource.
Why You Need an Asset Protection Lawyer
There are many tools online that you can use to set up an asset protection plan yourself. These can be really tempting to utilize because if you’re not careful, lawyer fees can get expensive. While it may be cheaper, it is also risky to create legal documents without consulting an expert. The law is tricky and you would hate to be in the middle of a lawsuit and realize that you missed a step or set up your asset protection plan wrong.
It’s best to reach out to a professional to make sure everything is put together correctly. While you may pay some money up front, it can save you a lot of money in the long run. If you’re really looking to save some money, you can always take the forms you find online and fill them out before the meeting with your lawyer to save time.
Asset protection lawyers can help you come up with a custom plan that you feel comfortable with. A good asset protection lawyer does not need to hide your money — they just need to help you protect it. Asset protection lawyers have a variety of strategies they use to protect your assets. One of the most popular strategies is to set up trusts where you can name a trustee who is technically in charge of the assets in that trust. This moves your assets around so that if creditors come looking for them, they won’t be in your name.
Asset protection can be a tricky process. Everyone can benefit from reaching out to an asset protection lawyer not just the wealthy. Everyone has assets whether that is a home, car, or savings account. It’s important to act now when it comes to protecting your assets. Reach out to an asset protection attorney today for more information.
Thanks to Citadel Law Firm for their insight into the benefits of having an asset protection lawyer.