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Asset Protection Plan: Why You Need an Asset Protection Attorney

Table of Contents:

Initiating an effective asset protection plan is an important step towards securing your finances. Without managing risk, your assets are vulnerable to claims, legal suits, creditors, economic influences and account seizures.

A well-structured asset protection plan is difficult to form without the right expertise and guidance. This is where the help of asset protection attorneys is invaluable. We will be exploring what exactly asset protection planning is, why its so important, and how an asset protection attorney can help mitigate risk while protecting your assets.

What is Asset Protection Planning

Asset protection planning is about creating effective strategies for safeguarding your wealth and assets from claims to your wealth whether that is spouse, creditors, lawsuits etc.. 

There are several different types of strategies. The most basic forms include home and/or auto insurance policies and retirement plans. Whereas more advanced types of asset protection could be setting up a limited liability company (LLC) or an asset protection trust (APT). Choosing the right strategy and tools is important to maximise the benefits of asset protection that will suit your needs and situation.

The Importance of Asset Protection Planning

Asset protection is important for anyone with digital or physical assets that are exposed to unnecessary levels of risk, are not diversified or and held by corporate entities that do not provide asset protection. The reality is that anyone can get find themselves in legal trouble, not only the wealthy, for any number of reasons such as car accidents, malpractice, dissatisfied clients, overdue debt, etc.

Being on the losing end of an unexpected court case could easily leave you with next-to-nothing if your assets are not well-protected. As such, if you have landed on this page then chances are that a well-structured asset protection plan is probably something that may be for you.

What is an Asset Protection Attorney

An asset protection attorney is a lawyer who specialises in assisting their clients to establish a legal means to protect their assets against lawsuits, creditor claims, divorces, and other financial threats. The attorney would typically have experience with the use of a variety of asset protection tools depending on the circumstances.  

The attorney will not necessarily refer to themselves specifically as an “asset protection” attorney. Though there are various titles which they may have, such as “trust attorney” or “estate lawyer” or "family planner". Asset protection is a complex and sensitive issue which requires a degree of discretion.

Whatever your asset protection attorney calls themselves, it is important that they should have sound knowledge about the laws and tools available which can best help you protect your assets, whether your looking for a domestic solution or and foreign offshore solution.

Why do you need an Asset Protection Attorney

Asset protection is variable and filled with subtle complexities that make it difficult for a person to solve individually. Most asset protection structures require very careful and well thought out structuring in order to maximize the effectiveness of the entity.

Often many of the wording of trust and will documentation is convoluted and filled with legal phrases that make it difficult to clearly understand. Without properly knowing your obligation as a protector or beneficiary you will not know your responsibilities. Many of the regulations and laws are also easily misinterpreted especially when using more complex multi-jurisdictional arrangements with multiple entities and parties involved.

Worse yet, you could slip up and even make the mistake of not staying within the bounds of the law, resulting in the very lawsuits you are trying to avoid. It is therefore vital to enlist the help of a qualified asset protection attorney who can ensure that everything is done properly and efficiently.

An asset protection attorney is there to:

  • Help protect you against fraudulent transfer claims
  • Help you to find an asset protection plan that will maximize your benefits, whilst staying within the bounds of the law
  • Ensure that your protection plan is properly implemented and carried out
  • Give guidance and troubleshoot in the case of any issues

How to Choose the Right Asset Protection Attorney

It is important to find the right asset protection attorney to help you find the most appropriate solutions for your situation. A good asset protection attorney should be someone who:

  • Has extensive experience in dealing with asset protection in your jurisdiction
  • Has a good track record, is trustworthy and has years of experience
  • Is accessible and available – having an emergency contact number can be a good indicator of this,
  • Is willing to establish a long-lasting relationship in which they continue to guide and inform you every step of the way.

The best choice is not necessarily the cheapest attorney available. Take your time to do your research and meet with a few attorneys before deciding. You should leave your first meeting feeling like you have a clear and informed perspective about what the next steps are for you to implement your asset protection plan.

How to Prepare

To save yourself and your attorney valuable time and resources, it is good to be well-prepared before your first meeting. You should have considered how much time and money you are willing to put into implementing your asset protection plan as well as a general idea about which tools and/or strategies you would be interested in pursuing.

Documentation will be needed in the beginning to properly map out our asset strategy that includes things like bank statements, trust certificates, housing deeds, recepts of physical assets, proof of digital assets etc. 

Every situation is different the most optimal asset protection plan for you could may be different than the next person. Your asset protection attorney will do a full analysis of your financial situation, and help you determine which assets can be transferred, protected and whether needs to be any changes in your documentation. 

The more well-prepared you are, the easier it will be for the attorney to understand your situation and provide you with the best possible counsel.

Do not Wait Until Tomorrow

The best time to implement a comprehensive asset protection plan is now, not after a lawsuit or other threat arises. There are laws which make it difficult to implement protective measures after a case has been opened, and such measures can easily be deemed to be “fraudulent transfers”.

While there can be some measures that can be taken after a lawsuit has begun, it is much easier to protect your assets before things turn ugly. That is why you should not wait until tomorrow. Start taking the necessary steps today, and seek the help of a qualified asset protection attorney to help you on the way.

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