2 Reasons You May Need Asset Protection Planning

Lawsuits, failed businesses, malpractice, guarantees, leases and other debts  can lead to a loss of assets and wealth.. Fortunately, engaging in effective asset protection planning can help you minimize the risks of losing your assets to creditors. By preserving your assets, you can enjoy the wealth you have worked to accrue and have a financial legacy to pass down to your loved ones.

A Florida asset protection lawyer at Kramer Green can evaluate your unique situation and determine the best asset protection strategies for you. Here are four common reasons you may benefit from comprehensive asset protection planning.

  1. Lawsuits that result in civil judgments against you

Litigation is the single biggest threat to your wealth in today’s world. Individuals and businesses do not hesitate to file lawsuits, especially if they believe you have the resources to pay what they think you owe them. Whether a lawsuit arises from a debt you owe a creditor, a vehicle accident, or a professional malpractice suit, you cannot afford to risk losing your personal assets if a court enters a civil judgment against you. As a result, engaging in asset protection planning techniques can help protect your assets from creditors looking to collect on their judgments against you. At a minimum, you can make it much more challenging for creditors to reach your assets to satisfy their judgments.

  1. Failed businesses

Many business ventures ultimately fail and result in severe financial losses. Business creditors may sue your business and obtain civil money judgments against the business for debts related to its operations. You can insulate your personal assets from these business losses by using the appropriate business entity and titling all business assets in the entity’s name. Creditors will be limited to the entity’s assets as a remedy for debts owed by the business entity, which protects your personal assets from levy and execution. This risk can be reduced by having the real estate and other assets leased to the business.

Allow Us to Assist You with Your Asset Protection Needs Today

An asset protection attorney at Kramer, Green, Zuckerman, Greene & Buchsbaum, P.A. can provide the tools to protect your assets from life’s unexpected twists and turns. We know how to provide you with the maximum asset protection available to safeguard the wealth that you have worked to accumulate over time. Call us today at (954) 966-2112 or contact us online to set up a time to discuss your legal issues with our experienced asset protection lawyers.

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