Litigation is on the rise for many professions; they are not only confined to corporations or physicians, which may have laws and insurance policies that limit their liabilities. Individuals with a significant amount of wealth are bigger targets for litigation, so it is important to take steps to prevent others from taking advantage.
Lawsuits can strip you of everything you own if you don’t take proactive measures to preserve your wealth so that it cannot be touched by others. It doesn’t even matter if you don’t have a lot of money or property; there are certain assets that you want to keep such as the family home.
Asset protection is basically that: plans and strategies to guard wealth from outside claims without breaking the law. Concealment of assets per se is illegal under the law, but there are legal ways of doing it if you do it with the help of an asset protection lawyer. According to the website of Peck Ritchey, LLC, there are ways of restructuring assets to minimize exposure in future lawsuits.
An asset protection lawyer will be able to give you advice on how to best protect your wealth depending on the nature of your business and the extent of your wealth. It may be primarily to avoid the consequences of lawsuits, but it may also be useful in minimizing taxes, avoiding fraudulent conveyances, simplifying probate, and bringing it in line with an estate plan.
However, asset protection has to be proactive. It has to be put in place before any lawsuits are filed to avoid legal complications. Some of these proactive strategies include asset protection trusts, family limited partnerships, limited liability corporations, and estate plans.
If you want to make sure that your family benefits from your hard work, you should look into asset protection. It is not something you want to put off, so contact an asset protection lawyer in your area as soon as possible to get the ball rolling.Read More