How Can I Protect My Assets?
October 26th, 2015
The after-effects of the 2008-2009 Recession still linger across the midwest, and many hard-working individuals in Ohio and across the United States worry about how they’ll shield their assets from what estate planning attorneys often call “creditors and predators,” such as credit card companies, banks that could foreclosure on your property, current or former spouses, greedy family members, aggressive lawyers, malpractice claimants and beyond. An experienced estate planning law firm can help you safeguard your assets, using battle-tested strategies.
Wealth preservation hews to the old axiom: an ounce of prevention is worth a pound of cure. Ideally, you should develop and manage a plan to protect your assets before you get sued, encounter financial duress, or become sick, disabled or unable to work and generate new income. With a longer time horizon, you can choose from a more diverse array of strategies and instruments to reach your goals.
Asset protection plans can be customized, depending on your values, goals, concerns, and the nature of your assets. For instance, if you own a family farm, and you want to maximize business assets and pass security along to the next generation, you’ll need a very different toolbox than if you’re a young urban parent of twins who looking to pay for college and move into a bigger home. Common reasons why people suddenly become interested in asset protection include:
- You’re just starting a family, and you want the right insurance and a financial structure to protect your spouse and children in case of death, disability or a downturn in your business.
- You’ve finally established a working business model or gotten ahead in your career, but you’ve never handled substantial assets before, and you need guidance.
- You have a plan that’s become moribund because it’s old and no longer reflects your values or because life has changed in a major way (e.g. you’ve gotten divorced; a business partnership dissolved; you injured someone… or got injured yourself, etc.)
- After a close call or financial problem, you want to shelter your professional practice more effectively.
Asset protection works best when operating in tandem with your short and long-term financial goals as defined by your estate plans. Our team can help you develop a financial plan that protects your assets, using excellent processes and investment tools and instruments. Please call Gudorf Law Group today for a free consultation at 1-937-898-5583.