The time to start protecting your assets is now — before threats present themselves. You can minimize your losses by protecting assets as you acquire them, and for that you need an asset protection lawyer to devise strategies that work for your particular situation.
At DCDM Law Group, we take a holistic approach to protecting your assets. Our sophisticated, comprehensive strategies close the gaps that other methods leave open to potential threats to your assets, including litigation, over-taxation, lenders, and former in-laws who threaten to disrupt your estate plan.
We live in litigious times, and adequate, affordable insurance coverage is not always available. Our Pasadena asset protection lawyer can craft strategies to help you avoid the pitfalls and protect your hard-earned wealth and assets.
A piecemeal approach to asset protection is better than nothing. However, it cannot provide the peace of mind that comes with the full-spectrum protection of strategies devised by a legal team with asset protection experience and detailed knowledge of financial instruments to help you achieve your goals.
Elements involved in our asset protection strategies include:
- Pinpointing risks: Of primary concern are the risks that your insurance does not cover. Any business can create various types of liability. Certain professionals are prone to lawsuits. Owners of rental or other properties are also dealing with specific risks.
- Choosing the right strategies to shield assets: A variety of legal and financial strategies exist to shield assets from claimants or creditors. The right strategy may involve insurance coverage, an asset ownership approach, trust structures, or other solutions.
- Supplementing insurance coverage: Personal liability insurance, business liability coverage, directors and officers insurance, and business disruption insurance are examples of the coverage beyond the standard policies that can help protect your assets.
- Asset ownership strategies: Individuals in litigation-prone professions, for example, may wish to keep family assets in a spouse’s name, use different ownership structures for different assets, or gift assets directly to children through irrevocable trusts.
- Trusts: These are valuable asset protection tools, but to serve that purpose, trusts must be irrevocable. For that reason, it is vital to have a seasoned asset protection lawyer to select the correct trust form to use, and determine how the trust should be structured.
- Retirement plans: A 401k or other qualified retirement plan that are employer sponsored fall under ERISA (the federal Employee Retirement Income Security Act), which provides protection from creditors as long as the funds remain in the plan.
- Business asset protection: Asset protection for a business is a complex process that includes separating business holdings from personal assets. Certain types of business entities provide more protection than others for your personal assets.
The more assets you have, the more potential threats you will need to contend with. At DCDM Law Group, you can find an experienced legal professional with in-depth knowledge of financial instruments and sophisticated legal strategies to help you protect your assets — now and in the future. Contact us for a free consultation to discuss your asset protection needs.