Firm News - D'Onofrio Law Office, P.C.

Asset Protection – What is it and why do you need it?

Posted by D'Onofrio Law Office, P.C. on Nov 25, 2013 10:03am PST

You have probably heard the words "asset protection" and wondered what exactly do those words mean? They sound good – who wouldn't like to have the things they've gained through hard work protected from threats and loss? Asset protection is just that – methods and tools used to safeguard such things as your home, vehicles, life savings, stocks, bonds, investments, or business assets from anyone who seeks to take them through legal means. This generally means creditors who pursue these assets through lawsuits. An example of this would be a lawsuit brought against you for alleged negligence on your part in a traffic accident.

How can your assets be protected? Properly structuring your assets, such as with an asset protection trust in an estate plan can create the legal protections you need. Various legal structures can be created through such a trust which organizes your financial scene under one legal entity. This puts your assets under the safety of protected ownerships, rather than leaving them unguarded and subject to the threats of others. Assets that are subject to the claims of creditors are called nonexempt assets. Through proper asset protection and positioning, these assets may be turned into exempt assets. This must be done, however, prior to any legal action being initiated by a creditor. That is why it is important to discuss your financial situation with an experienced attorney who can review your scene and the options available to you before any threat is made against you.

Pittsburgh Estate Planning Attorney Serving All of Western Pennsylvania

Getting skilled legal advice and guidance about asset protection and a proper estate plan is crucial to establishing the legal protections you need. Everyone is different, with unique needs and goals as well as individual financial histories involving property, assets, or businesses. No cookie cutter approach will work which is why it is important to work with an attorney who is adept at handling all sizes and complexities of financial scenes for all types of clients.

The D'Onofrio Law Office, P.C., serving clients in Pittsburgh and throughout western Pennsylvania has been operating in this field for over 30 years. Through his extensive experience, Attorney D'Onofrio has gained an enormous insight and ability in handling all types of estate planning and probate matters. His commitment to hard work and affordable legal assistance can be seen in the continuing testimonials he receives from satisfied clients. He has been recognized for his community and public service with the Jefferson Award, a national annual award. Mr. D'Onofrio has the knowledge and skills to handle any estate planning complication. Contact his office for a complimentary consultation about your legal needs today.