How Can an Attorney Help Protect Your Assets Through Estate Planning
Are you familiar with the saying Man proposes, God disposes?
You have worked so hard and you’re able to acquire assets but you have no idea what could happen tomorrow which is why you should do anything to protect your assets for you and your family.
However, most people tend to shy away from topics or subjects that insinuate death, like Wills and estates.
To protect your assets, you must come to terms with the reality that death is inevitable and overcome the mental obstacle of avoiding subjects that may seem to insinuate death.
You must realize that your family’s assets need protection from the government, creditors, judgments, attorneys, and even your family members themselves which is why you must stop at nothing to secure your assets.
To come up with the best estate plan for your assets, you must work with an experienced Estate Planning Attorney who will ensure that only persons of your choosing can make decisions when you’re not around. If you’re looking for the best Estate Planning Lawyer to help you create a will and protect your assets, we at Citadel Law Firm are your best choice.
In this article, we’ll discuss some estate planning strategies that can help secure your family’s assets. Continue reading to learn more:
Estate Planning Strategies to Protect Your Family and Assets
- Engage in Asset Protection as Soon as Possible
One effective estate planning strategy is to begin planning for asset protection early on. Many people fail to realize the importance of asset protection until they’re facing a lawsuit that can take away everything they have. There’s no better time to prepare for lawsuits than now. Even if you’re just starting your business or career, you must begin protecting your assets early to avoid losing them to a lawsuit.
- Set Up Multiple Entities
If you’re involved in a high-risk business, it’s important to set up multiple legal entities to avoid losing your assets to lawsuits. These legal entities form a wall of protection around your assets. For instance, if you own 10 rental properties and a restaurant franchise, you must own these assets in different legal entities. This way, you'll restrict access to your other assets in case someone brings a lawsuit against any of your businesses.
You can hold multiple assets in one limited liability corporation, or your estate planning lawyer may advise you to set up multiple limited liability corporations, depending on the amount of equity each business owns.
This doesn’t mean you won’t be able to hold stock in the corporation as you will remain a controlling member of the limited liability corporation. It only means that you’ll be protected from liability. An estate planning lawyer can give you the best advice on how to protect your assets.
- Considering Owning Offshore Accounts
You should consider offshore asset protection if you want liquid assets. When you place your assets beyond the jurisdiction of your country in an international financial institution, courts cannot have access to your assets if you’re subject to a damage award.
Your lawyer can explain better the merits and demerits of moving your assets offshore. However, you shouldn’t experience any problems if you’re moving accounts offshore in a legal way.
- Keep Your Finances Private
One effective estate planning strategy that’s very underestimated is keeping your finances private. We’re indeed in the social media era where people feel the need to post all their achievements and assets.
While this is good, you must remember that publicizing your wealth can create enemies for you and encourage them to pursue lawsuits against you. People tend to bring lawsuits against you when they assume that you’re wealthy. You can avoid this by keeping your finances private and focusing on building more wealth.
The best way to protect your assets is by working with a reliable estate planning lawyer. At Citadel Law Firm, we will assess your financial situation and help you execute an estate planning strategy that’s peculiar to your situation.
As your estate planning lawyer, you must be transparent with us as this will help us devise better investing strategies to secure your assets for you and your family.
Contact us today to learn more about our services!