Chesapeake Asset Protection Lawyer
You have worked your entire life to achieve success and obtain financial security. Now that you have it, it is important that you protect it for yourself and for future generations. Today, unfortunately, individuals and other entities often use the legal system as a way to deprive others of the resources and success they have built for themselves. In most cases, this is done using inflated and frivolous lawsuits. The good news is that there are ways to protect yourself and your property. Below, our Chesapeake asset protection lawyer explains what these are.
What is Asset Protection?
Protecting your assets involves creating a comprehensive strategy for your investments, money, and other property which addresses the ways they may be at risk. Proper asset protection planning can also outline which beneficiaries you want to receive the property after you pass away. Although you may understand some of the ways in which your assets could be taken from you, such as a business loss, disability, or death, there are also threats that are not as obvious.
Benefits of Asset Protection
Protecting your assets has many benefits, including:
- Preserve your wealth: By executing strong asset protection strategies, you can make sure your property is protected from possible legal claims, which allows you to maintain financial stability.
- Minimize risks: Asset protection planning can reduce the risks associated with divorce, lawsuits, bankruptcy, and other unforeseen circumstances.
- Maintain privacy: Asset protection planning can also protect your privacy by keeping your financial and personal information confidential.
Planning for asset protection is beneficial for many reasons. However, it is important that you do not wait until it is too late.
What Does Asset Protection Involve?
There are many different strategies you can utilize when planning for asset protection. These include:
- Domestic asset protection trusts: A domestic asset protection trust is a revocable trust used by homeowners who want to protect their property from creditors, but who also still wish to retain control over the property held in the trust.
- Third-party discretionary trusts: Also sometimes referred to as a ‘spendthrift’ trust, a third-party discretionary trust places certain restrictions on assets. This option is often used when a person believes a recipient may recklessly spend the funds.
- Limited partnerships: A family limited partnership can allow you to protect your wealth while still maintaining control over your assets.
- Limited liability companies: If you are the owner of a business, using an LLC business structure will keep the business entirely separate from you so you are not personally liable if your business is sued.
Our Asset Protection Lawyer in Chesapeake Can Protect Your Wealth
While you have worked hard to amass your wealth and property, a single mistake or unscrupulous party could have it all taken from you. At The Law Office of Angela N. Manz, our Chesapeake asset protection lawyer can advise you of the options you have to protect it for you and future generations. Call us now at 757-271-6275 or fill out our online form to schedule a consultation and to get more information.
