An Asset Protection Lawyer Chicago Companies Count On

Asset Protection Lawyer Chicago

At Childress Loucks & Plunkett, we know from experience that when a company or an individual leaves their assets unprotected, they are increasing their risk exponentially. Our asset protection lawyer in Chicago can help you protect your company or personal portfolio against the myriad of risks that might otherwise make them vulnerable. With our thorough understanding of state and federal laws that can have a substantial impact on your financial security in the wake of litigation or other actions, working with an asset protection lawyer in Chicago from our firm can make all the difference. Call us for a free consultation during which you can discuss your circumstances and learn how we can be of assistance.

What is asset protection?

An asset protection lawyer can help individuals and companies preserve their assets by minimizing their vulnerability to potential lawsuits and other dangers. This is done by restructuring the assets in such a way that they are protected from the following:

  1. Confirm assets sufficiently protected through insurance and risk management
  2. Limit your liability through insurance
  3. Ensure carriers are fulfilling management duties under insurance policies
  4. Retain control of your assets and your business, as a result.

Proactive Measures to Protect Your Assets

Every business and individual is at risk for damage or loss of their assets even in the everyday course of their operations or life. Whether it’s a lawsuit, natural disaster, or other calamity that a company or person might face, when one has already put protections into place with the help of an experienced asset protection lawyer in Chicago it can provide confidence and peace of mind.

Who Benefits from Asset Protection?

There is a common misconception that asset protection is only for the rich. That is not true. What is true is that everyone can benefit from asset protection planning.

What are your goals?

Before we take any action to protect your assets, you need to know what your goals are. Do you need to care for a loved one? Do you need to care for yourself? What plans do you have for your future?

These are all questions you need to answer before working with an asset protection lawyer Chicago IL to find a strategy that works for you.

Will I have enough for a nursing home?

It’s good that you’re starting this process now. Nursing homes can be incredibly expensive. Today, nursing home costs reach well over a thousand dollars per month. This can quickly put a middle class family into dire straits. Most insurance plans don’t cover nursing homes. Neither does Medicare. Medicaid will step in but that’s only after all of your money is gone.

This leaves you with nothing to leave your loved ones. But with proper asset protection planning, you can create a Medicaid plan that does not require draining your bank account before Medicaid begins paying. With the help of Childress Loucks & Plunkett, we can ensure there’s something left to leave your loved ones.

Will an asset protection plan reduce my risk?

An asset protection plan will not reduce your risk of being sued. That is a risk we all face and one that, in many instances, we have little control over. But what we do have control over is what action we take now to protect our assets. An asset protection plan will reduce the likelihood that your assets are at risk if a successful claim is brought against you.

By creating an asset protection plan before a claim is brought, you ensure your assets are protected. Waiting until you need asset protection is too late. If a claim has already been brought or a judgment has already been rendered, your assets will be at risk. That’s why it’s so important to start your asset protection planning now, before you need it.

It’s true you may never need it but isn’t it better to spend a little money now as opposed to lots of money, headache, and lost assets later?

Can asset protection help care for a disabled child?

Yes, it most certainly can. Along with creating a Special Needs Trust, your asset protection plan can ensure the trust stays funded and there are surplus funds available, if needed. Taking this action now will provide you peace of mind knowing that when you’re gone, your loved one will still be cared for because of the steps you took to prepare and adequate asset protection plan.

Contact an asset protection lawyer before it’s too late

Asset protection can be complex and confusing. Let the trusted team of Childress Loucks & Plunkett guide you through the planning process. We have helped hundreds of clients just like you. Contact us today to learn how our asset protection lawyer Chicago IL can help you protect your assets.

Design adequate risk management program

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