Asset Protection Planning Services Near Me: What Is Asset Protection?

Are you looking for asset protection planning services near me? Here is why you need asset protection planning. The simple way to define asset protection is to say what it is NOT. It does not cover hiding assets, committing perjury or fraud against creditors, or participating in fraudulent transfers. Asset protection is about implementing a strategy of placing assets out of the reach of creditors.

Therefore, a properly structured plan throughasset protection planning services near me will achieve a level of protection that will make dispossession and loss of the asset by creditors extremely difficult. It is so difficult, let’s say, that the person or company will decide not to pursue it due to the great cost and low probability of success. Choose the best legal services providers here. 

For example:

Three people set up a restaurant through a partnership. Soon, the restaurant will be famous in the community for its roast chicken. Likewise, the partners earn a lot of money due to the high demand and subsequent sale of their delicious chickens. Partner number 1 buys a chalet in the mountains. Partner number 2 buys a luxurious boat. Partner number 3 invests the money and ends up with a larger estate than the other partners combined.

One day, the restaurant served over a hundred dishes, and 20 people who ordered a different dish from the others got sick. The bottom line is that all 20 incur medical bills of $60,000, and 5 of the 20 lose more than $100,000 in salary. The victims are asking for compensation that reaches almost $600,000. 

The restaurant only has savings of $250,000, so the lawsuit was filed against the restaurant and partners numbers 1 and 2 for the deficiency. Partner number one sold the chalet to pay his share. Partner number 2 woke up one morning and saw his boat being craned because he declined to sell it to pay for his share. And partner number 3? They didn’t even sue him, despite having assets well above the remuneration, because the victims’ lawyer advised them of the following. Due to the protection plan for partner number 3, it must be taken into account that:

There are these types:

1. The additional cost of attempting to breach such protective structures will incur attorney fees.
2. The process can take up to years.
3. The low probability of success does not justify the lawsuit against him.

Keeping assets out of the reach of potential creditors may be enough to avoid a lawsuit and subsequent court rulings. Even for the most aggressive creditors, who try to pursue you through the courts, the protection structures remain just as strong, to the great dismay.

 Consequently, creditors usually reach an agreement with the debtor on terms favorable to him. Adding fuel to the fire, the asset protection planning services near meare appropriately formed for your needs — which consider the risk of your assets, your profession, the nature of potential creditors, and various other reasons — becomes even stronger during periods of pressure.

If he is a foreigner, you better consider preserving his assets in the US. First, his creditors would most likely have to prosecute the case here and litigation in his country to obtain a judgment against him. For reasons explained here, his assets will be protected against situations beyond his control.

Hire the best legal services providers.

We help our clients determine the best way to structure their holdings and dispose of those assets during and after their lifetime. Such financial planning, naturally, refers to minimizing a variety of estate-related taxes while protecting assets from third-party creditors.

The Firm regularly prepares Revocable Trusts, Wills/Wills, Irrevocable Trusts, Irrevocable Life Insurance, Trusts, Durable Power of Attorneys, Living Wills, and Health Care Surrogate designations. Additionally, our best legal services providers have been involved in the negotiation and drafting of pre- and postnuptial agreements (also known as prenuptial or postnuptial agreements) to protect people’s assets before or during their marriage, as well as ensure that other rights and concerns in marriage are protected.