Protecting your assets will not only help secure your future but can help set your family up for success and generational wealth. However, there are many types of asset protection strategies that could be used based on the specific details of your estate and your personal financial goals.
With help from a dedicated asset protection attorney in Missouri at The Law Office of David S. Schleiffarth, LLC, you can find out which strategies are best suited for your estate. Contact our office for an initial consultation today to get started.
What Is Asset Protection?
Protecting your assets does not only include ensuring your assets are protected for your own personal use but for the use of your future generations as well. Protecting your assets from creditors and judgments is a great opportunity to help set yourself and your family up for success in the future.
Why Is Asset Protection Important?
Unfortunately, asset protection is important in a variety of circumstances. Some of the most common reasons to develop asset protection strategies now include:
- Your assets could be at risk for liability via a lawsuit
- You do not have sufficient insurance coverage to cover damages that could be ordered in a judgment
- You work in an industry that is known for litigation
- Estranged family members, such as children or spouses, could be a threat to your assets
What Is The Best Way To Protect Your Assets?
The asset protection strategies that are best suited for you can vary widely depending on your specific financial details and goals. Some examples of potential asset protection strategies you could utilize include:
- Setting up trusts
- Protecting retirement accounts
- Forming a limited liability corporation to take responsibility for the LLC’s property
- Moving assets into accounts that have statutory protections, such as life insurance policies or annuities
- Offshore asset protection opportunities that store your assets in a sovereign country
Protecting Your Assets In A Trust
Creating a trust is a good opportunity to shield your assets from creditors and reduce your estate taxes. You can choose to set up an irrevocable trust or revocable trust, depending on your specific needs.
However, your trust will be considered a separate identity from you, which means you may or may not have control over the contents of the trust once the documents have been signed. Your trust can protect your assets from a lawsuit and give you an opportunity to determine how the contents will be distributed to beneficiaries.
You could create an asset protection trust which will protect your property or assets from creditors by transferring asset ownership to a trustee. You could create a bypass trust to avoid estate tax liability if your spouse passes away before you or you could create a specialized trust if you have more personal or business needs.
How To Protect Your Assets From Personal Guarantee
In some types of contracts, you may be required to sign a personal guarantee. Here, you may be required to personally guarantee coverage of current or past debts.
However, such an agreement should always be avoided if possible. Protect your assets from personal, request that certain assets be removed from your guarantee, eliminate, or cap the amount of your personal guarantee to a specific percentage or dollar amount.
What Does Insurance Have to Do With Asset Protection?
One of the top ways to protect your assets is by purchasing insurance coverage. There are many different types of insurance coverage that can protect your assets depending on the details of your case.
For example, business owners may be interested in purchasing general liability or business insurance which will protect their personal assets should their business be sued. You can learn more about which types of insurance coverage would be best suited for your asset protection plans in discussing your estate plans and financial goals with your attorney.
Contact Our Law Office
With asset protection strategies often being complex, having a knowledgeable and experienced attorney working for you can help to ensure you understand the plans you are making, reduce your potential tax consequences, and ensure both you and your family are taken care of for years to come.
Having an asset protection attorney by your side is critical if you hope to implement strategies that are going to protect your assets and income for yourself and future.
Call, text, or email us today to speak to an attorney.
When to Develop Your Asset Protection Plan
As soon as you start to increase your portfolio and generate assets, having asset protection plans in place is a top priority. Failure to do so could leave you at risk for litigation, leave your assets open for creditors, and put your opportunities to create generational wealth at risk.
How Long Does It Take To Craft An Asset Protection Plan?
Crafting an asset protection plan can take as few as several hours to as long as several weeks, depending on how complicated your financial plans and goals are.
If your estate is fairly straightforward, your attorney may be able to develop asset protection strategies quickly. However, the more complex your estate, the longer you can expect it to take your lawyer to develop an asset protection plan that accurately protects your assets and your family’s financial future.
How to Get Started On Your Asset Protection Strategies
When you are ready to get started on your asset protection plan, be sure to go over your ideas for utilizing asset protection tools to safeguard your family’s wealth. You can expect your attorney to go over your financial goals, explore opportunities for offshore and domestic asset protection, and prepare transfer documents and trust accounts as needed.
Your lawyer will also go over the specific asset she would like protected, your financial goals, who your beneficiaries are, and the specific instructions you would like to attach to your asset protection plans. Getting your asset protection plans in place now can help protect existing assets, safeguard income streams, and reduce the potential consequences of a lawsuit down the line.
Make sure you discuss potential asset protection strategies with your lawyer to determine which ones may be a good fit for your estate, making sure your asset protection attorney understands your financial goals, and the level of risk you are willing to take, can go a long way and helping to ensure the asset protection strategies used are ones you can feel comfortable with.
Speak With An Asset Protection Attorney In St. Louis, Missouri Today
Are you ready to start protecting your assets? Do you have additional questions about which asset protection strategies are going to be most useful for your estate?
If so, do not hesitate to contact an experienced Missouri asset protection lawyer at The Law Office of David S. Schleiffarth, LLC for a no-obligation consultation. When you are ready to start working on your estate plans and asset protection opportunities, fill out our quick contact form or call our office schedule.
Approachable Estate Planning. From start to finish, we are here to shoulder the load and make Estate Planning easy!
Make an appointment
Call, text, or email and we will find a time that works with your schedule.
We discuss your life, family, financial situation, & Estate Planning goals. You do not need to bring anything.
You do nothing. Relax and we will prepare drafts of your documents in approximately 2 weeks.
Review & approval
You look over your documents. We answer questions and make any changes as needed.
Once your documents have met your satisfaction, you will sign the final drafts at our office. (In front of 2 witnesses and a notary–provided by us, of course).
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