Asset Protection Law Is A Growing Field. How Does It Help You?
Why would you, or anyone else, pay for the services of an asset protection lawyer?
The main step this lawyer can help you with is in the drafting of an asset protection plan. This plan is a strategic document that will help you protect yourself, your business, and your family.
Essentially, this plan is designed to guard your wealth. Its purpose is to protect your assets and property from any creditor claims – it limits creditor access to your assets in a legally binding way.
Any of us are subject to getting sued. Whether it is credit card debt, a foreclosure, an angry customer or business partner, or a car accident — a lawsuit can come from a number of directions. Even the process of protecting yourself can be incredibly costly. Having an asset protection plan already in place will, essentially, put up a shield so that any potential lawsuit will not have an easy way in to jeopardize any of your holdings.
Protect Your Assets
The main reason to have a pre-emptive measure in place — a plan before you need one — is that, once a lawsuit begins, the law makes it difficult for you to protect your assets from the creditors. You cannot implement protective measures once the lawsuit has begun. You can protect yourself after somebody sues you, but it is much smarter and easier to protect yourself before any lawsuit arrives at your doorstep.
Asset protection plans often establish clearly defined corporate structures, retirement plans, and asset protection trusts.