what kind of attorney do you need for asset protection

An asset protection attorney can go by many names, from broad to specific – estate lawyer, trust attorney, and more. Because of the sensitive and often complicated nature of asset protection, not every law firm has lawyers that specialize in it.

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What does an asset protection attorney do?

Asset Protection Planners has in-house attorneys who can help you. An asset protection attorney can be your experienced guide through the daunting process of setting up a asset protection plan to secure your wealth. Fortunately, you don’t have to go through it alone. There are legal professionals in-house who you can call right now to help you create your plan.

Do I need an estate lawyer to protect my assets?

Jun 13, 2017 · If you have additional questions about the need for assets protection strategies in your estate plan, or you wish to consult with an asset protection attorney, contact the experienced New Jersey estate planning lawyers at Augulis Law Firm by calling 908-222-8803 to schedule your appointment today.

How can I protect my assets from creditors?

Jan 10, 2017 · You Need to Consult with an Asset Protection Attorney . Very few people can truly say that their assets are not threatened in one way or another. The truth is that given the numerous and varied ways in which assets can be at risk, almost everyone’s assets are threatened in one way or another.

Do you need an expert on asset protection planning?

Oct 21, 2021 · Attorney, accountant and author Mark J. Kohler calls the domestic asset protection trust “the most affordable asset protection tool” available in the …

How do you get asset protection?

The 8 Ways To Protect Your Assets From A Lawsuit You Should Know AboutUse Business Entities. It's important to separate your personal assets from those of your business. ... Own Insurance. ... Use Retirement Accounts. ... Homestead Exemptions. ... Titling. ... Annuities and Life Insurance. ... Get Rid of It. ... Don't Wait to Protect Yourself.

What is considered asset protection?

Asset protection is a component of financial planning intended to protect one's assets from creditor claims. Individuals and business entities use asset protection techniques to limit creditors' access to certain valuable assets while operating within the bounds of debtor-creditor law.

How can I protect my family assets?

5 Strategies To Protect Family WealthAsset Ownership. Retitling your assets can help protect them from being seized in the event you become the subject of a legal dispute. ... Insurance. ... Limited Liability Entities. ... Irrevocable Trusts. ... Asset Protection Trusts.Oct 4, 2018

How do I protect my estate planning assets?

Some common forms of asset protection include irrevocable trusts, limited liability company (LLC), family limited partnership (FLP) and insurance policies.Irrevocable Trusts. ... Limited Liability Companies and Family Limited Partnerships. ... Insurance Policies.Oct 14, 2020

What are unprotected assets?

Parents' unprotected assets include balances in savings, checking and brokerage accounts, investment real estate other than the primary home, 529 college savings, ETFs, and mutual funds. The parent's protected assets are not counted when calculating financial aida eligibility.Aug 11, 2021

What is the best asset protection?

Trusts have gained a reputation for being the most effective asset protection tools known today. They have proven to be more effective than any other financial entity at protecting one's assets from creditor claims, lawsuits, and just about any type of legal threat.Feb 11, 2022

Does a trust protect assets?

Most trusts can be irrevocable. This type of trust can help protect your assets from creditors and lawsuits and reduce your estate taxes. If you file bankruptcy or default on a debt, assets in an irrevocable trust won't be included in bankruptcy or other court proceedings.

How do wealthy protect their money?

The rich use laws to protect their assets. They use legal entities created under the different laws, trust laws, corporate laws, partnership laws, and tax loopholes available to all, not just the rich. The rich use laws to protect their assets.

How does an asset protection trust work?

An asset protection trust is a self-settled trust in which the grantor can be designated as a permissible beneficiary and allowed access to the funds in the trust account. If the APT is properly structured, its goal is that creditors won't be able to reach the trust's assets.

What is the difference between a revocable and irrevocable trust?

Irrevocable Trust: An Overview. A revocable trust and living trust are separate terms that describe the same thing: a trust in which the terms can be changed at any time. An irrevocable trust describes a trust that cannot be modified after it is created without the beneficiaries' consent.

Can a paralegal prepare a living trust?

Only Registered Legal Document Assistants or an Attorney can legally accept money from the public to prepare legal documents. A paralegal that is not registered as a Legal Document Assistant, should not prepare any legal documents for the public.May 26, 2020

How do you secure an inheritance?

Five Things to Do Right Now to Protect Your InheritanceDon't be a stranger. ... Document your parent's testamentary wishes. ... Deal with family photos and heirlooms now. ... Convince your mom and/or dad to talk to a good estate planning attorney. ... Talk to your parents about what there is, and find out how it is titled.

Can I protect my assets after a lawsuit is filed?

After a lawsuit has been filed against you, it’s probably too late to shield your assets. If you try to protect your assets after being hit with a...

Can just one asset protection method do the trick?

Most of the time, there’s no single tool that can shield your assets. Therefore, you may need several layers of protection, such as a domestic asse...

What are some of the benefits of offshore trusts?

An offshore trust can deliver several advantages for specific individuals. For instance, if the country that is home to your trust doesn’t recogniz...

Why Would I Need an Asset Protection Attorney?

People often make the mistake of assuming that only someone with a significant fortune needs to worry about protecting assets. The truth is that whatever assets you have, you undoubtedly worked hard to acquire them. Therefore, you should work equally hard to protect and retain them.

You Need to Consult with an Asset Protection Attorney

Very few people can truly say that their assets are not threatened in one way or another. The truth is that given the numerous and varied ways in which assets can be at risk, almost everyone’s assets are threatened in one way or another. With that in mind, it only makes sense to include asset protection strategies in your comprehensive estate plan.

Contact Us

If you have additional questions or concerns regarding the need for an asset protection attorney, contact the experienced Massachusetts asset protection attorneys at Debruyckere Law Offices by calling ( 603) 894-4141 or (978) 969-0331 to schedule an appointment.

What is asset protection?

Asset protection allows you to insulate your assets legally. People often try to hide assets when creditors come knocking through concealment, contempt, fraudulent transfers, tax evasion, or bankruptcy fraud. Those practices, however, are fraudulent and a court of law will easily unwind the transaction. The key to lawful, appropriate, asset ...

Why is asset protection important?

In an increasingly litigious world, where individuals may go after someone solely because they have “deep pockets,” asset protection is a reasonable, acceptable, and ethical form of wealth planning. It is designed to protect both you and your loved ones.

How to protect assets in Tennessee?

The first step in designing a strategy to protect your assets is to retain a qualified asset protection attorney. After consulting with your counsel, you may consider some of the following measures to make it difficult for creditors to reach certain assets: 1 Obtain Insurance. The first step in for all asset protection involved adequate insurance. We strongly encourage all clients to first retain adequate insurance coverage including an umbrella policy. 2 Tennessee Investment Services Act Trust (TIST). A property drafted TIS trust can protect your personal assets from potential creditors. 3 Use a Business Entity. If you are an entrepreneur, it is vital to separate your business assets from your personal ones. Accordingly, you can create a business entity, such as a corporation, or limited liability company (LLC).

Is asset planning legal?

Any attempt to do so will likely backfire, as a court will easily see your motive in moving assets. Moreover, asset planning is legal and ethical. Some may consider a plan to “hide” assets from potential creditors smacks of avoiding your obligations. That is not the case.

What is asset protection?

Asset protection is one of the most important things you can do. The planning is a method of preparing for any possible lawsuits in the future. It entails rearranging the ownership of your current assets so that they cannot be touched by creditors during a lawsuit. Asset protection can also act as a form of supplementary insurance. It can protect you from the various risks that can be associated with professions and businesses. Generally speaking, asset protection is used to safe-guard your assets that would be at risk. There are different degrees of asset protection. Typically, the more complex the planning is, the more effective it will be in the future. However, even though complex planning can offer you the best protection, it is also very expensive and there are more restrictions involved.

Is asset protection legal?

Asset protection is ethical and legal as long as the plan is put in place before a lawsuit is filed. It may be too late if there is already a claim or a lawsuit pending. Asset transfers during this time could be considered fraud. More specifically, fraudulent conveyance is where someone divests themselves of assets without fair consideration because they see a problem arising and would like to avoid paying a claim. However, a few highly sophisticated firms have ways of legally transferring assets in distressed times with a financial instrument to avoid problems with fraudulent conveyance.Please contact Estate Street Partners if you are seeking counseling to legally transfer your assets in distressed times and still avoid fraudulent conveyance. Each will be taken on a case by case basis. Estate Street Partners will never condone illegal practices and advocates transparent accounting and legal practices.