Asset protection is, simply put, the process of implementing different strategies so that you can “protect” your hard-earned assets from your potential future creditors during your lifetime and the creditors of your loved ones upon your death. Here are a few examples of some of those strategies: titling your property as tenants by the entireties with your spouse, setting up a limited liability company for your business or your rental properties, and including an asset protection trust as part of your overall estate plan for your spouse and/or children.
Asset protection plans are not one-size-fits-all. Whether you are concerned about being sued because of an automobile accident or a slip and fall at your rental property, losing assets to your spouse in a divorce, or creditors taking assets your children inherited from you, we can help you design a strategy to address your concerns and protect your assets.
At Ally Legal Planning, we take the time to educate you about the available options to provide the asset protection best suited for you and your family. Schedule your FREE consultation today.