Asset Protection

If you would like to protect your assets, you should consider creating an estate plan. In an estate plan, you will be able to discuss different ways to protect your estate for your beneficiaries. The goal of asset protection is to legally protect your estate from creditors . Not all assets can be are able to be protected, but some common assets include home equity, retirements plans, and interests in limited liability corporations. If you do not hold a legal title for an asset, it usually cannot be touched by the claims of creditors. Another way to protect property is to place it in a trust. This removes legal ownership from the grantor.

All fifty U.S. states have laws that protect the owners of corporations, limited partnerships, and LLCs. Every state also has laws which protect the assets of a trust from the claims or creditors. There are ways that creditors attempt to bypass asset protection, so it is highly recommended that you speak with an attorney experienced in bankruptcy law, federal and state exemption laws, federal and state tax laws, as well as trusts and estates.