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: