Top Four Rules For Asset Protection

Asset protection is incredibly dynamic. Changes in the law can come quickly and can invalidate even tried and proven strategies.

While there is no perfect strategy that will protect all assets all the time, good asset protection planners employ known strategies that creditors have not yet defeated and strategies that have not been identified.

Here are the top four:

1: Act Now

Timely action before you have a problem is the most important ingredient for successful asset protection planning. Generally speaking, it will be too late if you wait until you have a substantial claim against you to do something.

2: Update Your Planning

Review your program at least annually to ensure you remain fully protected.

3: Expect Trade-Offs

As a general rule, your creditors can attach whatever property you have to the extent of your rights in the property. To effectively place control over an asset beyond the reach of creditors, you must be willing to surrender some control over assets you now completely control. Most people agree, however, that the degree of control they may have lost was a small price to pay for the protection they gained. In some cases, your best asset protection strategy may present adverse tax consequences or interfere with the ideal disposition of your estate. You will need to decide which of these factors is most important to you.

4: Find The Right Professional Team

Asset protection requires close guidance and cooperation among your attorney, accountant or tax adviser, financial planner and even your insurance agent. Each brings special professional skills to the planning process. Because asset protection has as its prime objective the insulation of assets from creditor claims, choosing the right attorney is essential. Just as you would seek a criminal defense lawyer or divorce lawyer should you be involved with those problems, it is equally wise to engage a legal specialist experienced in financial protection and debtor-creditor law.

Asset Protection: It's Both Lawful And Smart

Deploying your assets to provide maximum protection from creditors is neither immoral nor unlawful. You have an obligation to yourself and your family to protect and preserve what you have worked hard to accumulate.

At Lord Law Firm, LLC, we understand and underscore the importance of a legal, defendable plan that can withstand challenge as opposed to a sham or fraudulent transfer that can only leave you as vulnerable as before you started.

Call 803-407-4140 today to discuss your situation with an asset protection lawyer from our team.