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Asset Protection

Asset Protection

Asset protection is just what the name suggests–organizing your assets in a manner which mitigates their risk to potential creditors. In today’s sue-happy society, where people seem to sue one another over just about anything, you are vulnerable every time you drive a car, sign a contract, hire an employee, perform a service, or even have a guest at your home or business. Asset protection is important for almost any person in any profession.

Here are some questions to consider:

  1. Do you have adequate insurance?
  2. If you own real estate, how is it titled, and why?
  3. If you own a business, do you mix your business assets and your personal assets? Do you maintain the required corporate documents for your business and follow proper formalities?
  4. Have you implemented an asset protection plan that will shield your assets upon your breach, death or incapacity?

Trusts and Limited Liability Companies (LLCs) provide a powerful tool for asset potection. Families or individuals who may not operate a going business can still benefit from the protection that a trust or LLC provides by creating a proven and reliable structure to manage and distribute family property to children or future generations.

They can also be used to hold your mutual fund accounts or real property in order to keep them safe from creditors. Many people choose to purchase real estate with their IRA. When set up properly these tools provide you with great tax advantages and protection from potential creditors.

Brian Webb Legal is experienced with asset protection planning and can help you map out a strategy that will safeguard your assets.

Please call (208) 331-9393 for a consultation today!

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