Understanding Asset Protection
What Is Asset Protection?
Asset protection is a legal and effective way to protect your assets from creditors or litigants. Unfortunately, lawsuits can arise in many different ways – business partner disputes, a car accident, disgruntled patients of a doctor, insurance disputes and many other examples. If your assets are not protected, you could find yourself the target of an aggressive litigant or creditor.
Using various methods, the attorneys at Lucé Law, PC can help ensure your assets are protected. When this approach is integrated with effective estate planning, you can limit tax liabilities and ensure your heirs can access their inheritance without difficulties or disputes.
What Is the Asset Protection Process?
At Lucé Law, PC to ensure your assets are protected we create custom solutions tailored to your individual situation. These include asset protection trusts, irrevocable trusts and living wills. These have proven to work well in limiting legal complications and protecting assets.
Why Is Asset Protection Important?
Holding assets in a trust removes responsibility from the beneficiary, making it harder to claim in litigation. Similarly, forming a corporation or LLC will reduce personal liability from the actions of a business partner.
Our asset protection services are also important for protecting your heirs from creditors, former business partners, plus other types of disputes such as real estate inheritance, the IRS and other claimants. Without protection, your family could see their inheritance dwindle after your passing, with lengthy claims and lawsuits. This is why it’s so important to shelter these assets.
After discussing your circumstances, our attorneys can develop an appropriate asset protection approach that complements a broader estate planning strategy..