Whenever you have assets, asset protection should be considered. It protects items from creditors, and a need for everyone.
We hate to admit this, but anyone can get sued. Generally, lawsuits can come from anything like car accidents, credit card debt, foreclosure, and a lot of other instances. If for some reason you were to lose a judgement, and were to give a monetary compensation, you could go into bankruptcy. Also, you need to make sure that the protection is legal. So, what would happen to your assets? To make sure your asset protection works, you need to make sure creditors cannot reach them. For example, you may maximize your contributions to IRAs or to a trust fund.
We usually suggest consulting a lawyer for a protection plan. Regardless, we suggest talking to an attorney because they may know where to put your assets that you can access them if needed. Your attorney can discuss with you short and long term financial plans and goals. Above all, your attorney can help create a plan that will benefit you.
Antanavage Farbiarz, PLLC can assist you with any asset questions and asset protection. If you would like consultation, call (610)-562-2000 or email us to get started!