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Jennifer Roberts

Why You Need to Consider Legal Asset Protection For Your Family

What would happen if you and your family were suddenly in the unfortunate situation of losing your assets- your home, your savings, your business? Could you honestly say you would be prepared? Can you say you have guaranteed asset protection? If the answer is no, you should know that you could possibly become a potential target of a lawsuit or another legal threat in the near future. Now I’m not saying all of this to scare you, it’s just the simple facts. Now the good thing is that you are already here reading this article. This means you are on the right track to learning why asset protection is so important, and what you can do to start protecting yours.


So what exactly is asset protection? It is the safeguarding of wealth and assets by future creditors. The assets and wealth that you can opt to protect is a large list. For example, your home, investment accounts, business interests & practices, real estate properties, jewelry, cars, boats, the list goes on and on. Virtually anything of value that you wish to protect and preserve for either yourself or your family. 


A common misconception about getting legal asset protection is that you need to have a significant amount of wealth. When in fact, many people of different financial statuses, backgrounds, and areas all have easy access to guaranteed asset protection. Whether you want to protect your home against a raging medical bill or you want to preserve your business legal asset protection is right for you.


If you’ve already done some research regarding asset protection you may have learned that there are a number of “Do It Yourself” instructions floating around on the web. They are supposed to allow you to set up a will, trust, etc. without any aid from a legal professional. While it is tempting to avoid the legal fees associated with an attorney, you should think twice before you commit. There may be major consequences down the road if you choose to complete it solo and make unforeseen mistakes. 


You could accidentally place the wrong asset into a legal form or tool, miss important paperwork deadlines & information. This could cause you to face a legal dispute and seizure of your assets that you were trying to protect in the first place.


Hiring a professional asset attorney will ensure your assets are protected correctly. These legal professionals know the laws that exist regarding property rights, taxes, wills, probates, etc. An expert can see to it that your assets are properly handled. Not to mention they will assess state laws and address your asset’s personal needs. 


The ideal time to start forming an asset protection plan is before a potential lawsuit arises. Protecting your assets becomes hard when there are current creditors going after your prized possessions. There are certain ways to protect you and your family during a lawsuit, but just trust me, it’s best to deal with before it becomes a problem. Courts can and will reverse the transfer of your assets that were placed into protected accounts. That’s why it’s so important to create a plan before you’re at risk.


Before you meet with your attorney it’s essential to know what goals you imagine for your asset protection plan. Usually, the attorney will start by analyzing your financial status. This will help them see which assets they have the ability to protect or transfer. You should be prepared to be brutally honest about any potential litigation coming forward that you know of. Think of your asset protection plan carefully. How much time can you spend on creating it and maintaining it in the future? You will need to consider how you feel about placing your assets within different legal tools and utilizing trustees. 


Once you have a good idea of which attorney you want to work with, there are a few things you can do to prepare for your first meeting. First, calling the office of your attorney is a great way to get a feel of how that firm will handle their communication with you. Do they have an automated voice that takes a message or is it a live employee speaking with you? This will help you gauge how quickly your questions will be answered during your case. Attorney’s that are easy to get a hold of are hard to come by & should be savored in this case.


You should ask a few questions to get an idea of what to expect in your initial meeting. Ask whether you will be charged or not, and if so how much? If there is a charge for your first meeting, don’t go running to a different lawyer right away. A paid meeting can sometimes provide you will more information and expertise than a free consultation. During the meeting itself, make sure you discuss future legal fees and costs that will be associated with their services.


You should also ask for insight on how your attorney plans to handle your specific case. Do they foresee any problems arising? How do they plan on solving those potential problems for you along the way? What are the probable outcomes of my case? You want to be able to leave the meeting with a very clear idea of what the next steps are for you, your family, your assets, and your business. You should also have a clear understanding of what to expect from the rest of the process as you move forward with your case.


Hopefully, I’ve helped you realize the grave importance of asset protection and how to get it for you and your family. You don’t want to have your hard-earned assets at risk in the future and wish you could have done something to prepare. Hiring an asset protection attorney is the best choice for anyone who as accumulated assets that they value and don’t want to lose.

Make the smart decision and protect your assets now before it’s too late!