Things don’t often come easy in life, and you’ve probably worked hard to build your assets and accumulate what you have today. That’s why it is important to take the right steps to preserve your assets for yourself, and for your loved ones. Now is the time to consider advanced asset protection estate planning strategies to protect not only what you have now, but also what your investments or your business will produce in the future.
Asset protection planning addresses key financial concerns. It focuses on identifying potential threats to your assets and crafting comprehensive strategies to defend against those threats. It involves more than protecting personal property. Potential risks to business ventures must also be identified and averted. Working with an attorney who understands asset protection planning can help you avoid the pitfalls that are so prevalent, and give you the peace of mind of knowing that your assets are as secure as possible.
Why You Need Asset Protection Planning
With asset protection planning, the goal is to preserve and protect your estate during your lifetime, as well as after your death. It involves organizing one’s assets to safeguard from loss and dissipation, and minimizing liability and lawsuit risks. It may include reorganizing the way a property is held to make is less vulnerable to potential losses.
A number of factors contribute to the increasing need for asset protection planning, including:
- More litigation occurring nationally
- Unavailability of affordable and adequate insurance coverage
- Expanding legal liability theories
- Threat of litigation
Sophisticated asset protection strategies can help protect your assets from “predators and creditors” — a colloquial term for potential threats to your assets. These threats can originate from creditors, state and federal tax authorities, court rulings, plaintiffs in lawsuits, lenders, or litigious relatives.
Asset protection planning accomplishes a great deal more than preparing for the possibility of future litigation. It is a comprehensive approach that covers the gaps left by traditional methods of protection, such as buying insurance to cover various contingencies, establishing trusts to manage and pass along assets, and setting up corporations or other entities.
The long term is an important factor in asset protection planning. Your objectives may include preserving the family wealth, minimizing tax burdens, preventing your heirs from spending the funds they inherit too quickly, or funding charities that matter to you. Your asset protection lawyer should consider your priorities, values, and ambitions, as well as shifting market conditions in devising your asset protection planning strategies.
Asset Protection Planning Lawyer in Pasadena
Our experienced asset protection planning lawyers at DCDM Law Group have the detailed knowledge of financial instruments and sophisticated strategies to help you protect your assets and plan for the future. Our founding attorney has been awarded 10.0 Superb Rating on Avvo.
Take the right steps to preserve your assets and protect what you have created from the threats in an uncertain world. Contact us for a free consultation to find out how we can help you with your asset protection planning needs.