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...]
Why are Asset Protection Strategies Important?
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...]
Los Angeles Asset Protection Lawyer Explains Who is at Risk
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...]
California’s Housing Market on the Rise: Do You have Asset Protection Strategies in Place?
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...]
6 Mistakes to Avoid in Asset Protection
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...]
The Problem with Fraudulent Transfers
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 definedA … [Read more...]
When to Start Asset Protection Planning
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...]
Will an Irrevocable Trust Protect Assets?
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...]
Do Family Wealth Trusts Provide Asset Protection?
When people decide to incorporate asset protection into their comprehensive estate plans, the reason is to secure their family wealth and guard against risks to their assets. When assets are properly structured, you can be sure that your family wealth will be protected for future generations. Family wealth trusts provide asset protection in a way that is not only effective, but very flexible.What is a Trust generally?A trust is basically an agreement between three parties: the property … [Read more...]
Why We Need Asset Protection Planning
Asset protection is a very important part of estate planning. Protecting your assets from any type of creditor is crucial in preserving your estate for your heirs. Anyone who obtains a judgment against you, not only a bill collector, is considered a creditor. We need asset protection planning as a part of our overall estate plan for many reasons. Here are just a few.The purpose of asset protection Asset protection refers to analyzing your assets and arranging, or rearranging, them so that … [Read more...]
