Planning for asset protection involves applying legal techniques to safeguard assets from future collection attempts. These legal tactics used by an asset protection law firm in Las Vegas, NV are designed to keep creditors from pursuing collections by making it hard for them to seize assets or collect on judgments.
The Basics of Asset Protection
In cases involving significant amounts of money, asset protection involves setting up partnerships, trusts, and offshore companies to hold title to assets. Future creditors who recognize the difficulty of collecting on a judgment may decide not to pursue claims, and they may be willing to settle for a reduced amount.
What Are the Simplest Asset Protection Techniques?
Many traditional estate planning approaches can also be used to protect assets. These techniques include:
• Insurance: these common technique transfers risk to the insurer, protecting assets.
• Property gifts: these take the asset out of an estate and lessens the risk of creditor attachment. For example, if a parent gives a farm to a child, it can no longer be seized by that person’s creditors.
• Using LLCs, corporations, and limited partnerships: these protect clients from personal liability and provide certain tax advantages.
Determining Whether to Use Asset Protection Techniques
Clients should meet with a lawyer for a risk analysis to determine the extent and likelihood of creditor attachment of assets. Together, the client and their attorney can evaluate the level of risk. Lawyers will consider factors such as the client’s occupation, the extent and nature of assets, their family situation, and their personal wishes when forming an asset protection strategy.
Does a Client Need an Attorney to Protect Their Personal Assets?
There is an exceedingly fine line between legal strategies for asset protection and actions taken in order to defraud creditors. An asset protection law firm in Las Vegas, NV, with a knowledge of estate planning can help clients identify potential risk factors, and they can determine which type of asset protection will best serve the client’s needs. When they browse the website to hire an asset protection attorney with Grant Morris Dodds, clients can ensure that their assets are distributed according to their wishes.
