What is Asset Protection?
Asset protection is a type of estate planning that keeps your assets safe from creditors. After working a lifetime to acquire significant assets (money, property, or other wealth), you do not want it wiped out in a single lawsuit or other litigation. An asset protection attorney provides legal advice and services to prevent this from happening.
A skilled asset protection attorney shields you money and property by legal means, without attempting to conceal them, illegally transfer them, evade taxes, or commit bankruptcy fraud. There are legal ways to protect your personal and business assets from seizure, so you can continue to enjoy them or pass them on to beneficiaries after your death.
Who Needs Asset Protection?
In a nutshell, everyone. People of diverse backgrounds and all levels of affluence should put protection measures in place. You do not have to be wealthy like a celebrity. Business owners, young entrepreneurs, retirees, and anyone who wants to pass down wealth to the next generation should consider asset protection.
Consider these scenarios:
- What if you were named in a lawsuit?
- Do you owe a significant tax liability?
- Do you have excessive debt?
- Will you apply for Medicaid soon?
- What if you contracted a life-threatening illness?
- What if you need long-term care but want to preserve a nest egg for your loved ones?
- Have you inherited a huge sum of money or other valuable property?
If your goal is to secure your assets for your own use or for your family, and not to enrich aggressive litigants or greedy creditors, you need the help of an asset protection attorney.
Business Owners Have More Risks
Business owners need protection from creditors and lawsuits because they face different risks.
How Does Asset Protection Work?
Most states have laws that protect specific assets from seizure by creditors or through litigation. An asset protection attorney can explain which ones pertain to your situation. For everything else, the attorney can use a variety of methods to remove the asset from the reach of creditors, litigators, or others, including retitling assets, insurance coverage, use of trusts and more.
Some protection measures effectively remove the assets from your use, too. A knowledgeable asset protection attorney can explain how these and other measures work, and advise you on the best ways to protect your assets in your unique situation. An Asset Protection firm, such as Fortress Asset Protection, can give you more insight into how to protect your assets, and what next steps should be taken. Headed by Michelangelo Mortellaro, Esq. and co-founder Jason Sampson, Esq., Fortress Asset Protection can help you with all your Tampa Asset Protection needs.