You’ve worked hard to acquire your assets. But if something unexpected were to occur, how would your family and others who may depend on you be protected? Would your family have access to the funds they need to continue living comfortably? Or would they be left with nothing but debt and uncertainty?
These are questions that every family needs to consider, especially in this uncertain time of economic downturns. An asset protection attorney can help. This post discusses some important points to consider, and effective strategies involved in asset protection.
Asset Protection: What is Involved?
If you are sued, asset protection can be the difference between losing everything and keeping what’s important to you—it’s a strategy that helps you protect your possessions from creditors. It also provides a way to guarantee that you don’t lose everything if you’re sued. Asset protection gives you peace of mind by ensuring your resources are protected no matter what happens.
Here are some of the methods that may be involved:
- Trusts and LLCs. Trusts are an excellent way to protect your assets because they separate them from your other accounts. This means that if something happens to you, it won’t affect your family’s access to money. You can also choose how much control you want over how your funds are used in a trust. This means that if something occurs where someone needs money quickly, it will still be accessible.
- Setting up a limited liability corporation (LLC) is another method of asset protection. An LLC is a business you form to own your assets. LLCs provide strong legal protection against creditors.
- Business Succession Plans. A Business Succession Plan is a plan that assists you in transferring ownership of your company to someone else if you are unable to continue operating it yourself. A successful business succession plan can help secure your assets and your company’s future in the case of lawsuits, disputes, disability, or death.
- High Net Worth Planning. If you are concerned about preserving your sizable wealth for future generations, high-net-worth planning may be the strategy you need. High net worth planning is a specialized field of estate planning that may assist you in protecting your considerable assets from possible risks. Without it, your estate may end up paying more estate taxes than required or losing assets in the case of a lawsuit, divorce, or other unanticipated circumstances.
A Los Angeles Area Estate Planning Attorney Can Help with an Asset Protection Strategy
Working with professionals who specialize in asset protection is a good idea if you’re concerned about safeguarding your wealth. Our team of experienced attorneys at the Law Offices of Michael K. Lanning, APLC, can help you build an asset protection strategy that aligns with your unique needs and objectives. We’re committed to helping our clients preserve their assets and financial future. Contact us at 310-820-1600 or go to our website to learn more and set up a consultation.
We serve West Los Angeles, Santa Monica, Pacific Palisades, South Bay, and the surrounding Los Angeles communities.