Do not wait until it is too late! The key to asset protection is taking care of it early and not waiting until the creditors are on your case. Protecting your assets requires several measures to be taken; first, do not just try to hide your possessions and money from creditors, this rarely works and can end up hurting you in the long run. Second, as stated earlier, do not wait, plan and take care of your asset protection way before creditors make a claim. Third, do not think of asset protection as a substitution for insurance, you still need to have insurance on top of guarding your assets. Also, do not combine personal assets with business assets, you cannot hide your personal possessions under your business for safe-keeping. Creditors know this trick and can use it against you, personal assets belong in trusts. The key to protecting your money and possessions is to do it the right way, the measures you take can be sought out by creditors so make sure that you know the protection plan and how your belongings were transferred. Secrecy does not work in this area and if your plan requires secrets, many problems can arise later.
Asset protection is very successful if it is done correctly, it can prevent lawsuits and being sued. The right way to go about protecting your possessions is to:
- Not wait, plan early!
- Have insurance as well as the protection plan
- Re-title the ownership of your property and make sure it is in your name
- Bring contracts into relationships
- Use trusts and legal entities- no secrets!
- Trusts for domestic asset protection also
- International trusts for money overseas
- Business succession plans
Do all of these things with the guidance of an experienced asset protection lawyer, our firm has decades of experience in cases like this and we know the ins and outs of creating a protection plan; do not be uninformed and try to approach this on your own. Some people rely on bankruptcy, which before 2005 was an easy out for debtors but presently, it is not the best option. Obviously it depends on each individual's circumstance and the methods will vary accordingly, but there is a way for everyone to legally and safely protect their belongings. No one is necessarily safe from lawsuits, a lawsuit can be brought upon anyone but some things that may cause someone to be at risk are if they are:
- Opening a business
- Already in ownership of a business, house, or car
- In a place where they have a high net worth
These characteristics bring about more of a risk to become a target for creditors and lawsuits. This intricate process requires the assistance and guidance of an experienced Pembroke Pines estate planning attorney in order to ensure that your methods are the best possible way to go about guarding your assets. Our team at the Law Office of Steven Friedman is equipped with over 30 years of experience and we focus on devoting all of our time and effort to our clients. We create an approach and plan unique to each client after reviewing the different aspects of their case; we take into account your goals, the risks involved, the value of your assets, and any other factors that we find important in your case and build a strong plan for you from there.
If you have assets that you want protected, do not try to go through the complex asset protection process on your own, contact a Pembroke Pines estate planning lawyer from our firm today. We proudly offer a free case evaluation so you can start the process by discussing your case with our lawyers for free.