If you’re concerned about the possibility of someone being able to tap into your personal assets, you may need to consult with an experienced and qualified estate planning lawyer. Your estate planning lawyer should have substantial experience in the process of asset protection planning.
Contrary to popular beliefs, asset protection planning is not only for people with substantial personal wealth. You may benefit from a thorough asset protection plan created by experienced lawyers. The best time to create an asset protection plan is before you are named in a suit.
The estate of anyone at any income level could be impacted by significant taxation or an outside lawsuit. You must be proactive in order to get the maximum benefits from asset protection planning. If someone sues you because they got hurt on your property, it’s likely too late to take any actions that could minimize an attack on your personal assets. If you have few assets and a lot of debt, you may not necessarily need an asset protection plan and may instead pursue bankruptcy.
However, if you have significant assets, an asset protection plan can help safeguard these investments and your ownership of them. Bear in mind that there are some events that cannot be protected against even with a comprehensive protection plan. This includes alimony judgments, mechanic’s liens, tax liens, and child support claims. Anyone with a recurring amount of credit card debt, modest net worth, someone who is behind on their mortgage, or anyone who works in a profession with a high level of liability should certainly consider working with a Pasadena asset protection planning attorney.