Asset Protection Lawyer
Asset protection includes a range of strategies that an individual or business entity can choose to implement in an effort to “insulate” assets. Usually with the assistance of an asset protection lawyer, measures taken have the central goal of preserving property, assets, and other things of significant value from external entities in a legal manner, and are generally executed proactively. Proactively meaning, that protective measures are implemented long before an external entity attempts efforts to seize, claim, or otherwise devalue assets.
- Asset Protection Trusts (ATPs) in the form of Domestic or Foreign ATPs
- Accounts-receivable financing
- Family Limited Partnerships – when members of a family combine monetary resources and assets that are allocated to fund a business or project. Participating members own or buy shares and can profit in proportion to the amount of shares they own.
- Retirement plans
Qualities to look for in an asset protection lawyer
The task of protecting your assets is daunting for most. A lawyer who specializes in asset protection strategies can serve as an invaluable resource for advice. Look for an asset protection lawyer who is licensed in and has experience in the state which you primarily reside.
Accessibility – Your prospective lawyer should be readily available to speak with you in person, over the phone, or through other means of telecommunication such as video conferencing.
Communication – Protecting the future of your assets and financial security should be the primary goal of the lawyer you end up retaining. They should take the time to thoroughly understand your financial situation, and only then clearly articulate their perspective and offer strategies for protecting your assets.
Transparency – An asset protection lawyer should be able to clearly explain the strategies that they suggest to you, in an obligation free manner. Meaning that at any point if you do not understand something, they should take the time to explain their strategies until there is complete understanding on both ends, before you commit to anything.
Experience – The asset protection lawyer you choose should be able to offer constructive examples of how they have successfully helped other clients implement protective strategies.
If you are new to exploring the plethora of asset protection strategies that are available, or are experienced and are looking for outside assistance for strategies you currently have in place, consider reaching out to a local asset protection lawyer. Most lawyers offer free initial consultations in which you can ask preliminary questions that will help you get a feel for the services they have to offer.
Thanks to the asset protection specialists at Inter Vivos, PLLC for their insight into this subject.