How To Protect Your Properties Through Asset Protection Planning

By Kelly Wood


People go through many financial uncertainties in their lives and they end up losing properties and wealth they have accumulated for a long time. Sometimes you may not know what the future holds for you, and catastrophes of financial nature can strike any moment without your expectation. When this happens, it is better to have an existing asset protection planning because it can save you from the agony of losing valuable property and assets.

It takes hard work to acquire properties and when you lose your assets due to mistakes or negligence acts, you may have yourself to blame because there are avenues you can pursue to protect the assets. There are different ways in which you could lose assets such as business, cars, real estate properties, and money.

If not checked properly, failure to safeguard your property from legal claims can lead to bankruptcy and unnecessary loss of property to creditors. There is need to balance and allocate your assets in a manner that allows protection and flexibility. There are different ways in which you can protect the assets such as re-titling some of your properties, creating family limited partnerships and limited companies, and moving funds to irrevocable trusts.

Protecting assets means transferring them from a non-exempt from to exempt status where creditors cannot legally acquire them. However, this process cannot be achieved if you already have lawsuits filed against you. When you are in debts, creditors may pursue legal means to recover the money from your properties but if the assets are protected, it makes it hard for them to access them.

It is advisable that you consult a lawyer to plan on how you can protect assets if you already do not have lawsuits put forward by creditors, or plaintiffs on personal injury incidents. The attorney can work with you to come up with a clear plan on how the assets are protected. This is a process that might take some time but at the end, you will have safeguarded your hard-acquired properties.

If you are sued of personal debts and other actions that are not in any way related to your business, this does not mean the assets from the business cannot be repossessed or taken to recover the debts. Similarly, if you have a problem with your partner and a divorce case is arrived at, the divorce settlement could see some of the business assets taken and shared.

You need to consult an acclaimed protection lawyer to handle your situation and start protecting properties listed under your name or ownership. A successful assets protection is that which is done when you do not have lawsuits filed against you. This is the best time to consult a professional lawyer to device ways and technique to safeguard the assets.

At times, you may try to transfer assets so that creditors may not be able to reach them, but when the jury discovers that you are pursuing assets transfer to hider, delay, or prevent creditors from accessing them, such transfers can easily be reversed. The asset protection planning is a long term undertaking that you should start as early as possible, and when you do not have existing legal cases filed against you.




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