Asset Protection Attorney
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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.
Lobb & Plewe: Your Asset Protection Lawyers
Unfortunately, creditors aim to take assets from families for their own benefit. Our attorneys are passionate about preventing them from doing so. For nearly three decades, Lobb & Plewe has been helping families protect their hard-earned assets from theft, seizure, and exorbitant taxes. Our team has developed a broad foundation of experience in asset protection, giving you access to comprehensive legal advice.
When you work with our asset protection attorneys, you know you are receiving the most comprehensive asset protection in the area. This knowledge gives us the ability to look at your situation from all angles and offer you a personalized plan. We will tailor your strategy to fit your unique goals and the nature of your assets.
Our Firm Can Assist With A Number Of Asset Protection Planning 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.
- Nevada Trusts: A Nevada Trust protects your assets from creditors and in the event you are sued your assets live safely in a Nevada Trust. Click here to learn more.
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.
Now Is the Time to Take Action
Many people do not consider asset protection until there is a threat on the horizon. Creditors, auditors, and the state can all pose a threat to the assets you own, especially those you will leave behind when you pass away. For that reason, it is essential that you begin protecting your assets with advice from the asset protection lawyer right away.
Technically speaking, any asset you own is a liability until you take steps to protect it. If a court enforces a debt action against you or your estate and releases your assets to a judgment creditor, there is nothing that can be done. If you transfer assets out of your name after a judgment creditor appears, the transfer is considered fraudulent; you have broken the law. Similarly, your family cannot access any assets assigned to a judgment creditor after your death.
Meet Your Goals
As you can see, asset protection is not only about your current wealth—it is also about protecting your legacy. Unscrupulous creditors aim to rob honest people of their hard-earned money. This money is often intended for children, grandchildren, and other members of future generations. If a lawsuit should occur, your beneficiaries will not receive what you’ve set aside for them, no matter what kind of estate planning you’ve completed.
If you have a goal to pass your assets to future generations, it is essential to protect your assets now. In doing so, you preserve your beneficiaries’ rights to your property and can ensure that your trust is administered according to your specifications. Without protection, your assets may fall into the hands of creditors and other parties, leaving your goals permanently unmet.
Insurance Coverage Is Not Asset Protection
We have encountered many situations in which clients are shocked to find that they’ve been robbed of their assets, despite having insurance coverage. It is essential for you to understand that insurance policies do not compare to proper asset protection under the law. Insurance does minimize your risk in some scenarios, but it cannot possibly anticipate every scenario or cover every asset. Without asset protection, you can easily find yourself without your business, property, and other assets or even filing for bankruptcy even though you purchased insurance.
Asset protection reclassifies your non-exempt assets into exempt assets. This prevents predatory actions from creditors and lawsuits and keeps you protected where insurance companies cannot.
You May Be a Target
Certain people are at an increased risk of losing their assets to a lawsuit or creditor. High-earning professionals such as physicians, surgeons, dentists, lawyers, judges, engineers, and more are often the object of lawsuits and audits that can cost them significant sums of money. Business owners and homeowners are also targets for some asset seizure schemes.
Ultimately, it is best to contact an asset protection lawyer if you own any assets of value. Our asset protection attorneys can help you create an agreement or trust that gives you peace of mind and allows you to retain your assets to distribute as you wish. We have encountered many people who wish they had protected their assets sooner, and we understand how painful that regret can be. The attorneys at Lobb & Plewe encourage everyone to secure asset protection services to protect their futures, their goals, and their families.