Few things are more frustrating than spending a lifetime working towards assets only to see them disappear because of lawsuits, taxes, divorces, or other issues. Thankfully, you likely have options for protecting your valuable possessions, especially when you work with a well-practiced estate planning lawyer.
Putting the right plan into motion could ensure that you safeguard your assets while complying with federal tax laws. From placing money into trusts to developing new business entities, there are numerous steps you could take to make sure your hard-earned valuables stay safe in the future. Let a Mount Laurel asset protection lawyer help account for your many possessions.
Why Consider Asset Protection?
There are many risks that could require individuals and business owners to face costly litigation or other forms of financial exposure. These liabilities could impact a person directly, or they could target a corporation. In certain situations, both individuals and companies might be impacted by unforeseen risks. Fortunately, enacting an asset protection plan could help someone prepare for unexpected liability.
Solo practitioners and partnerships are particularly at-risk to asset loss. For instance, a business might experience hardship due to breach of contract or harassment lawsuits. Meanwhile, at an individual level, a person or solo practitioner might lose valuable funds through negligence claims, divorce proceedings, or other circumstances.
It might be challenging to determine whether creating an asset protection plan would help, but a seasoned Mount Laurel attorney could analyze a person or business’s situation to determine whether their valuables could be at risk.
Common Asset Protection Tools
When it comes to actually protecting assets, there are a couple different tools that a proactive attorney could implement. For instance, a few powerful methods work to limit liability or protect an individual from a costly divorce.
Limited Liability Companies (LLCs)
If someone fears losing their assets through a lawsuit, they could use a business entity to relocate and protect those items. Adopting a limited liability company—or LLC—is one of the most common tools for avoiding litigation risks. These business arrangements allow people to separate their personal assets from those held by the company. An LLC protects someone from owing unreasonable debt in the future, which in turn keeps their property or finances safe.
Meanwhile, a trust could also help someone protect assets since these documents safeguard valuable possessions until a moment in the future. When an individual places their possessions in a trust, the items become out of a creditor’s reach. There are countless types of trusts that someone could implement, making these arrangements a valuable tool for looking after costly possessions or finances.
In other cases, a contentious divorce could have a dramatic impact on the assets that a person retains. For example, an uneven division of property during a divorce case could have severe financial consequences for anyone hoping to hold on to certain items. To prevent this from happening, many people rely on prenuptial and postnuptial agreements. These documents plan and account for many of the issues that could arise during a divorce, including negotiations like spousal support, child support, or property division.
A detail-oriented lawyer in Mount Laurel could help someone categorize their assets to determine which protection tool is best for the situation.
Planning Early is Important
The sooner a person begins developing a plan to protect the future of their assets, the more likely they are to be successful. Some aspects of financial or property management, such as planning for future government benefits, could require years of deliberation or drafting strategies. Therefore, it is best to begin thinking ahead as early as possible.
If a Mount Laurel resident recently acquired substantial assets, finances, or property, a proactive attorney could help consider a protection strategy.
Contact a Mount Laurel Asset Protection Attorney Today
Asset protection is an important part of keeping your future plans on track, and you do not have to undertake this process alone. If you find yourself confused about where to begin, a Mount Laurel asset protection lawyer could assess your wealth, outline your options, and resolve any concerns that arise along the way. It is best to begin as soon as you can, so do not hesitate to reach out to our firm today. Call to schedule your initial consultation.