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When to Begin Asset Protection Planning

November 5, 2019

Filed under: Estate Planning — Laura Pennington @ 1:38 pm

Are you concerned about your assets being exposed to risks? Worried that your personal assets could be tapped through a lawsuit or through a creditor looking to close on a debt?

The best time to begin asset protection planning is long before any of these threats is on the immediate horizon. Every state has laws that protect a judgment creditor making legal efforts to collect if the debtor tries to transfer assets out of their own names in an effort to delay or block a collection attempt.

Courts, therefore, can see right through these moves and would likely classify them as “fraudulent transfers.” With asset protection planning, you must be thinking about options to shield your assets well in advance of any filed suits.

Even waiting until you think that a lawsuit might be filed is too late in most cases. While there might be a few limited steps you can take at that stage, you’re much better off by making an effort to talk with your estate planning lawyer about asset protection planning now.

The purpose of taking these steps when there’s no immediate exposure to a suit is twofold: it helps discourage people who think that you might be an easy target for a lawsuit away from doing so because they recognize that your asset protection efforts will make it harder for them to succeed and it also increases your chances of success in the event a suit is filed.

Most people who put together an asset protection plan hope that they never need to exercise its powers in court. But the peace of mind that this provides can give you confidence going forward that if a potential threat emerges that you have options available to you.

If you’re ready to talk asset protection plan specifics, our office is here to help you craft a customized plan based on your needs. Don’t wait until it’s too late- create your plan today.

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