If you are a small business owner, you have to be concerned about asset protection. There are two structures that are very commonly utilized, and we will look at them here. Limited Liability Company One of the these asset protection structures is the limited liability company (LLC). If you establish your business as a limited liability company, generally speaking, your personal assets would be protected from entities that are trying to collect debts from the business. The protections are … [Read more...] about Asset Protection for Small Business Owner
Asset Protection Planning
Regardless of the size of your estate or the amount of your assets, protecting your wealth is always a concern. This means being able to protect your assets from creditors or other types of liability. There are different asset protection strategies available for those who want to protect as much of their estate as they can for their families. An asset protection trust is one great strategy for you to consider. When Should an Asset Protection Trust be Created? If you are wondering when to … [Read more...] about What is an Asset Protection Trust?
Asset protection is one of many important goals for estate planning regardless of the amount of your assets. Being able to protect your assets from creditors and other liability sources can be very beneficial. Asset protection strategies are necessary if you want to preserve as much of your estate as you can for your heirs. That can only be accomplished if you properly protect your assets. Asset protection trusts are one method to consider. When Should Asset Protection Trusts be … [Read more...] about What Type of Trust Protects Assets?
Asset protection is one of the many important goals of estate planning. Being able to protect your assets from creditors and other sources of liability can be very beneficial. Asset protection strategies are important for preserving as much of your estate as you can for your heirs can only be accomplished if you properly protect your assets. When do I need to put my asset protection strategies in place? When should you start your asset protection planning? Now. The general rule is – you … [Read more...] about Why are Asset Protection Strategies Important?
It is commonly understood that we live in a country that believes in litigation to resolve most disputes. For that reason, the more assets you have, certainly the more you have to lose. Only those with no income or assets can be “judgment proof. If you have worked diligently to build a business or accumulate wealth for your family, then you stand to lose a substantial amount if you are ever sued. That is why you need an asset protection lawyer to help you put sufficient asset protection … [Read more...] about Los Angeles Asset Protection Lawyer Explains Who is at Risk
The reports are in from the California Association of Realtors. California’s housing market in 2017 is predicted to show modest gains for the first time in six years. The group is meeting in Long Beach this week. Approximately 68 percent of the overall market consists of the sales of existing single-family homes, which are projected to rise 1.4 percent in 2017. This number is significant in light of the 0.4 percent drop in sales in 2016. So, before you buy that new home, be sure you have asset … [Read more...] about California’s Housing Market on the Rise: Do You have Asset Protection Strategies in Place?
If you consider the high costs of malpractice it is easy to see how important asset protection can be. If you own a business or you are likely to face legal judgments or many potential creditors, asset protection planning is very important. It is always better to be proactive when it comes to protecting your assets than engaging in damage control once it's too late. But, more importantly, you need to know the most common mistakes to avoid in asset protection so that your plan will ultimately … [Read more...] about 6 Mistakes to Avoid in Asset Protection
An effective asset protection plan must also be a legal asset protection plan. That means the plan must be set in motion before any creditor claims arise. If not, any transfers you make in an effort to protect your assets, may be considered “fraudulent transfers.” If that happens, both you and the person you transferred the assets to, may be in trouble. Understanding the problem with fraudulent transfers can keep you on the right side of the law. How “fraudulent transfers” are defined A … [Read more...] about The Problem with Fraudulent Transfers
It is just as important for debtors to have strategies for protecting their valuable assets from potential creditors, as it is for creditors to have techniques for collecting debts. And, just as creditors must follow the laws and regulations that govern their debt collection practices, debtors must be sure that their asset protection strategies do not cross the line into fraud. The biggest concern in deciding when to start asset protection planning is avoiding the appearance of a “fraudulent … [Read more...] about When to Start Asset Protection Planning
It is a common misconception that a trust inherently protects the assets that are in that trust. Certainly, if you go through the trouble of establishing a trust for your property, it should provide the protection of those assets that you need. While some types of trusts can protect assets from creditors, a garden-variety trust likely will not. Will an irrevocable trust protect assets? What type of trusts protect assets? Although most trusts will provide some protection from creditors, the … [Read more...] about Will an Irrevocable Trust Protect Assets?