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The Right Planning Can Allow You To Better Protect Your Assets
Having a plan for your assets is important. If your estate or business is organized effectively, you likely have a concept of how you will maintain or distribute those assets. While this is certainly a diligent planning practice, it can be wise to also account for the potential effects of creditors or tax liabilities. A lack of foresight can lead to scenarios where outside actors claim sizable portions of your assets, serving as a detriment to your future goals.
Fortunately, there are measures that you can take to protect your assets and preserve your wealth. Our attorneys at Lobb & Plewe can assist individuals in constructing approaches that shield their assets and maintain the integrity of their estates. We have a lengthy history of aiding clients with asset protection services, and we can employ our experience on your behalf as well.
Our Firm Can Assist With A Number Of Strategies
Asset protection does not rely on a single formulaic strategy – different individuals will call for different approaches. As there are several methods for shielding assets, our firm explores the avenues that are available to each client before landing on a plan that is right for them. Some asset protection services that our firm offers include:
- Establishing irrevocable trusts: These instruments can effectively stave off creditors as well as lawsuits.
- Creating limited liability companies: A limited liability company will protect your personal assets from legal action taken against your business.
- Strategic uses of powers of attorney: Appointing the right individual to make decisions on your behalf should you become incapacitated is often a shrewd tactic.
- Utilizing effective tax planning techniques: Allocating your assets in certain ways – including using trusts and select business structures – can reduce your tax liabilities.
Before committing to an asset protection plan, it is advisable to consult with an experienced legal professional. At Lobb & Plewe, our lawyers are knowledgeable in an array of legal asset preservation maneuvers, and we can assess your situation to better determine what may be right for you.