More than saving for a rainy day, asset protection attorneys in Arizona recommend keeping properties safe from a variety of unfavorable situations.
We’re all subject to making mistakes, big and small, during our lifetimes. No matter our best efforts, we have no way of knowing how certain decisions will turn out – some can cost us our time or money, and some can cost us our precious assets. This is where asset protection comes in.
Barski Law Firm PLC encourages people to consider protecting their assets for long-term security.
WHAT IS ASSET PROTECTION?
Asset protection can mitigate risks that come with lawsuits, IRS and state tax claims, divorce, liabilities in business, and other similar legal problems. But it can also form part of your pre-bankruptcy plan, allowing you to protect non-exempt assets under Chapter 13.
Professional asset protection lawyers in Scottsdale, AZ can manage and position your assets before you file for bankruptcy. This strategy helps you to not only protect your assets once you file, but it will also eventually serve as a way for you to pay off creditors.
WHEN SHOULD I START ASSET PROTECTION PLANNING?
It’s important to remember that asset protection will not keep your properties safe from existing creditors and other obligations. Asset protection lawyers in Arizona advise that planning should be done before you become mired in debt, and long before there is any indication of a looming lawsuit.
Assembling a comprehensive asset protection plan should include two important things:
- Short-term and long-term financial goals
- Estate planning goals
WHY ARE FINANCIAL AND ESTATE PLANNING GOALS IMPORTANT TO ASSET PROTECTION?
Determining your financial goals involves creating a picture of your finances through your income sources, retirement plans, and how much you will be passing on to your heirs in the event of your death. It should lead you to a financial plan that lets you review your assets and figure out which of them are exempt from creditors, and which are not. This is where you can reposition non-exempt assets into exempt assets, which cannot be claimed by creditors.
Your net worth and estimates of any future wealth will take shape once you finish your financial plan, which leads to creating your estate planning goals. Estate planning determines the people who will be responsible for caring for you, your underage children, and your assets in case you become mentally incapacitated or die unexpectedly.
Integrating your financial goals with your estate planning goals results in comprehensive asset protection – the time-consuming nature of this endeavor explains the need for asset protection planning. Asset protection attorneys in Arizona agree that it is better to identify and secure any assets you may have rather than lose them to creditors and lawsuits without a fight.
WHY IS LATE ASSET PROTECTION PLANNING INADVISABLE?
Initiating asset protection measures after a lawsuit or creditor claim arises only worsens the situation. Our Arizona asset protection attorneys explain that all states have laws in place to protect judgment creditors against people who transfer assets out of their name – the law deems such an act as an intention to delay or defraud a creditor. The court will reverse these fraudulent transfers, and the assets will be turned over to creditors.
HOW WE CAN HELP WITH ASSET PROTECTION PLANNING
Since asset protection planning requires experience and extensive knowledge to make it airtight, it’s important to enlist the help of professional asset protection lawyers in Scottsdale, AZ. We’ve helped hundreds of clients protect their homes and personal property from creditors.
We’ll help you formulate sound financial goals and a comprehensive estate plan, so your assets are adequately protected from any unfortunate situation.
Call or email us today for a free consultation.