What Assets Can Be Protected?

Asset protection plans can help with both individually-owned assets and business assets. Below are examples of assets that can be safeguarded: • Businesses • Investments (Stocks, Bonds, etc.) • Tools & Equipment • Medical & Dental Practices • Homes, Properties, & Rentals • Motor Vehicles

What Is Asset Protection?

Asset protection refers to legal strategies that guard the assets of an individual or business entity from civil judgments and credit claims. Without a proper asset protection plan in place, a judgment can lead to a potential seizure of your assets. Asset protection is designed to insulate your assets without engaging in illegal and fraudulent activity. This proactive approach guards against unforeseen future events that can leave your assets vulnerable.

Why Is Asset Protection So Important For Businesses?

Our asset protection advisers in Stroudsburg offer consulting services for businesses and start-ups. An unfortunate reality of owning a business is that the future is never certain. A sudden change in your economic status, clientele, or internal operations can lead to financial struggles. Employers may also face lawsuits due to alleged harassment, discrimination, workplace accidents, or infringement. Many business owners and shareholders take a reactive approach and fail to protect their company assets until a lawsuit or judgment arises. Asset protection services can shield your assets from such disputes while also granting you more negotiating power in the event of a settlement. Our Poconos asset protection consultants can help you take a proactive approach to guarding your business assets by advising you on the best course of action.

Why Is Asset Protection So Important For Individuals?

Even if you don’t own a business, asset protection services can help protect your financial well-being and bring you peace of mind. All too often, people focus on the current circumstances but fail to account for the potential unknowns of the future. Credit troubles, lawsuits, divorces, and legal disputes are just some of the circumstances that may put your assets in jeopardy. Financial hardships and economic downturns can also leave you vulnerable and limit any legal negotiating power you may have. Opting for an asset protection plan can help guard against unforeseen events. Our asset protection advisers can meet with you to discuss the best possible strategies for your financial situation.

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How Can I Legally Protect My Assets?

Assets can be either protected or unprotected. Protection status will vary from state to state, but assets like life insurance, pensions, and retirement funds are generally protected and exempt from claims. However, assets like motor vehicles, properties, and certain investments may be unprotected. An unprotected asset can be seized by creditors and taken from you in the event of a judgment or lawsuit.

In general, owning unprotected assets in your name can leave you vulnerable to civil judgments and creditors. Asset protection strategies can help you guard these unprotected assets by filing them under the name of an entity instead of your personal name.

In line with our business entity consulting services, our asset protection consultants can help company owners understand their available options. Different business entity structures, such as corporations, partnerships, and LLCs, each have different legal regulations that help shield shareholders from liability. For individual assets, some common asset protection techniques include setting up asset protection trusts, offshore trusts, or family limited partnerships.

Asset Protection Strategies:

Corporations
Partnerships
LLCs
Trusts

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