What Are the Benefits of Having An Asset Protection Lawyer?

What Are the Benefits of Having An Asset Protection Lawyer?

Throughout your lifetime, you might gain some valuable assets. In addition to your house itself, you might find yourself armed with a boat, RV you take for family vacations, a couple of new cars, jewelry, etc. You’ve worked hard to gain these items. Maybe you’ve climbed the corporate ladder or have launched your own business. Regardless, you’re proud of the assets you have and even plan to give them to your children after you pass away. 

However, just because you’ve earned your assets that doesn’t mean they can’t be taken away. For example, maybe you’re a business owner and a customer is now suing you due to an accident they’ve had while shopping. Now you’re in jeopardy of losing some of your assets. Having an asset protection lawyer, however, can ensure this doesn’t happen. 

What Does it Mean to Protect Your Assets? 

Protecting your assets means much more than making sure your summer condo or sports car isn’t taken away. While such items are valuable, they’re also replaceable as well. Instead, protecting your assets also includes protecting:

  • Your retirement plans
  • Your life insurance policy
  • Estate plans 
  • Inheritance money

As a business owner, you’ll want to ensure that all your assets are protected. One bad lawsuit could mean much more than losing a luxury item–it might also mean you hamper your retirement. Even the most careful business owner whose business complies with the latest standards and regulations will want to be protected. 

How Can an Asset Protection Lawyer Help? 

While there are many online tools available that can help you craft your own legal asset protection documents, it’s not recommended. These online templates might have sloppy legal writing, and loopholes that can be easily exploited or simply won’t cover everything you need. With this in mind, the first way a lawyer can help is by crafting a customized asset protection plan that makes the most sense for you, your business, and your assets. 

A carefully detailed legal document(s) will ensure there are no gray lines, risks for exploitation, and that you’re complying with both federal and state guidelines and regulations. An asset protection lawyer can also employ several other strategies as well: 

  • Naming a trustee: A lawyer might advise you to set up a trust and name a trustee who will look after your assets should you become incapacitated or when you pass away. 
  • Help you navigate complicated legal issues: A lawyer can help you navigate issues like lawsuits or bankruptcy. 
  • Negotiate with creditors: Dealing with creditors is never fun. A lawyer, however, can make the process easier. They can help give you more time, negotiate a lower payment/affordable payment plan, or have a creditor stop chasing you entirely. 

These are just some of the ways an asset protection lawyer can help. Running a business is hard work and the threat of having your assets taken away is stressful. The right asset protection lawyer can alleviate this stress. Our friends at Carpenter & Lewis PLLC have a team of attorneys eager to help!

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