You need to make certain you choose the right asset protection strategies so you can protect your wealth and your financial security. Unfortunately, your assets are at risk from lots of different potential sources of loss. You work too hard to lose what you have built, so you have to be strategic when finding ways to keep your money and property safe.
The Law Office of Michael Robinson, P.C. can help you to identify the asset protection strategies that will work best to achieve your goal of avoiding losses. The risks you face are personalized to you, so you should get personalized legal advice from an experienced attorney who can evaluate your own unique situation and give you insight into your options. Give us a call to find out more.
How to Make Sure You Choose the Right Asset Protection Strategies
If you want to ensure you are being as strategic as possible in selecting the asset protection strategies that will best protect your wealth, there is a process you should follow. You should:
- Find a good asset protection lawyer: Many of the best strategies to protect your assets are going to require legal knowledge. When you work with an experienced attorney, your attorney can help you to identify the types of things that put you at risk and can assist with the appropriate use of legal tools that can mitigate those risks.
- Identify the most likely reasons that assets could be lost. This will differ from person to person. While everyone could be at risk of loss if they have an estate that will be subject to tax or if they cannot pay for nursing home care and don’t qualify for Medicaid, there are other situations that could put you uniquely at risk. For example, if you have a business that you own, your biggest risk factors could be the potential for lawsuits or judgements against your company. Identifying risks is the key to finding a strategy to avoid losses.
- Determine the type of assets you want to protect. There are certain types of assets, for example, that you may not necessarily want to transfer into a trust… which is a common asset protection tool. You should list the different types of wealth that you are hoping to protect so you can make the right choices about the different legal tools that you make use of.
- Create and carry out your asset protection plan. Your plan should provide protection for your assets during your life and should make it possible for you to protect your wealth even after you pass away and hand your money and property down to the next generation.
If you follow these steps, you can reduce the chances that bad luck or unforeseen events will cause the loss of wealth that you have worked so hard to acquire.
What Asset Protection Strategies are Right for You?
There are many different asset protection strategies that you can use, depending upon the threats to your financial security. Some of the possible strategies that The Law Office of Michael Robinson, P.C. can help you to consider include:
- The creation of trusts: Trusts are a versatile asset protection tool used to protect your assets during your life and after you have passed away. The type of protections you can get from a trust will vary depending upon the nature of the trust document and the type of trust you choose to create.
- Strategic titling of assets: You can determine how to structure the title of real property that you own. For example, if you are at greater risk of being sued due to your job, you may want to put your house into your spouse’s name alone.
- The purchase of insurance: You can buy insurance to protect you from personal liability and ensure that the insurance company ends up paying if a problem arises.
- Incorporation: This is a powerful asset protection tool for someone who owns his or her own business and does not want to risk losing personal assets because of business losses.
To find out more about the different asset protection strategies that you can consider, and to implement a strategy that works best for your situation, you should talk with an experienced attorney.
Getting Help from An Asset Protection Lawyer
The Law Office of Michael Robinson, P.C. can assist you with identifying risk factors that put your wealth in jeopardy and can help you to make a strategic asset protection plan. Give us a call at 585-374-5210 or contact us online to find out more about the ways in which our legal team can help you to keep your wealth secure.
- Business Succession Planning May Be Easier than You Think - June 1, 2022
- Estate Planning – Something You Shouldn’t Do Yourself - May 18, 2022
- Just When You Thought You Understood the 10-Year Rule, Think Again - May 11, 2022