There are certain terms that many people think only apply to people who are wealthy, such as estate planning or asset protection. However, as an asset protection attorney can attest, everyone can benefit from taking the steps to set up an estate plan and put together a cohesive plan to protect their assets. Lawyers help business owners, estate administrators, parents, property owners, and trustees with solid legal strategies for asset protection.
Asset protection attorneys help clients take the steps they need to ensure assets are protected. It is also important that our clients understand how and who these steps should be taken and what should be avoided. One of the most important factors to keep in mind is that it is critical to take these steps early on in order to avoid accusations or charges of fraud.
You must also have your asset protection strategy in place before certain issues arise, otherwise it will likely be too late to do anything. For example, one person becomes incapacitated and needs long-term or permanent care, assets cannot be transferred to keep them from being used to pay nursing home or other facility costs. You also cannot transfer assets if a creditor or someone else has filed a lawsuit against you.
Who or what you are trying to protect assets from is also important and will determine what type of strategy your asset protection attorney recommends you take. Do you need to protect assets from a spouse because you are anticipating a future divorce? Do you need to protect assets from creditors for debts that have not been paid? Whatever the reason, your asset protection attorney, like an estate planning lawyer in Folsom, CA, will help you decide the best options for your circumstance.
The types of assets you want to protect are also critical in strategy decisions. Certain assets may not be allowed to be included in certain types of entities. Your asset protection attorney will be able to guide you through these decisions to ensure that all of your assets are protected. Your attorney will also be able to navigate you through the difficult issues that may arise. For example, if you own financial accounts or real estate jointly with another party, those assets may be at risk from any liabilities or debts the other party may have and will not be protected even if you place them in your asset protection entity. An asset protection attorney has the legal expertise and experience to come up with strategies to protect you in this and similar situations.
Thank you to Yee Law Group, PC for their insight into asset protection strategies.