Need to Protect Assets or an Estate?
Knowledgeable Modesto Asset Protection Attorneys Explain Your Options
Financial security is something most people struggle to obtain. It truly is a great accomplishment when you are able to create a nest egg for yourself and loved ones. Unfortunately, determining how to protect your assets from creditors and other parties takes advanced planning and work. Drafting a will or putting your savings into a retirement account may not produce desirable results, especially if you own businesses, property or other items of value. If you have a variety of assets, then effective asset protection strategies can preserve your wealth and maximize your opportunities. Our Modesto asset protection attorneys can help you achieve this goal.
Discussing your assets and planning for your beneficiaries’ futures does not need to be a difficult process. We get your story from your point of view to develop an estate plan that works for generations. By getting to know you, our attorneys not only create a comfortable atmosphere but also develop custom strategies to shield your investments from creditors and risk. At Arata, Swingle, Van Egmond & Goodwin, we creatively draft and administer asset protection plans that can last lifetimes. Our law firm can help you at any stage of your asset protection plan and with any size portfolio.
Why Do I Need to Protect My Assets?
If you have built your home or business from the ground up, then you have a personal attachment to your legacy. Unfortunately, the pursuit of financial security may not leave much time to rest or plan. Even if you have not completed the vision you have for your business, protection is important. No one can predict with complete certainty what will happen in the future. By protecting your assets, you ensure your own security and the future of your heirs.
If you are unprepared for the future, then losses can occur. Our Modesto asset protection attorneys can help you enact a plan to mitigate these losses during your lifetime and beyond. Having your assets protected results in your business staying operational and a more secure future. Our attorneys can help you name beneficiaries and determine which accounts are most appropriate to invest in. Whether you just started saving or have a large collection of assets, we can help provide personalized guidance and service.
How Can I Protect My Assets?
Since every person is unique, the best way to determine how to protect your assets is through a conversation with an attorney. However, there are two common strategies our firm can use to safeguard your property. One of the most common protections is an established trust.
Trusts are a method of transferring wealth to a named beneficiary and protecting that wealth. Trusts can be irrevocable or revocable. An irrevocable trust property is not directly owned by a beneficiary and is harder for creditors or ex-spouses to pursue. A revocable trust allows more access for a beneficiary. If a beneficiary has easy access to trust funds, then a court could allow a creditor to collect a debt. You can add protection to trusts by appointing an independent trustee. This impartial trustee has sole discretion over distribution. Adding beneficiaries and including careful provisions can also safeguard a trust.
If establishing a trust is not right for you, then we may recommend that you place property into a limited liability company or corporation. This is an effective asset protection strategy because these business entities are usually not subject to creditor claims against owners. If you have extensive assets, then you can shield investment property from unwanted creditor claims. Additionally, you can protect possessions and allow heirs to have the option of liquidating assets or keeping entities intact. Our asset protection law firm can help you determine what protections work best with your portfolio.
Asset Protection Questions? Contact Our Modesto Law Firm Now
Concerned over claims from creditors? Preparing to establish a revocable or irrevocable trust? Need to develop a plan to protect your business? If you want an effective asset protection plan, then you need to put it in place before judgments or collections actions occur. The longer you wait, the greater the chances of being surprised down the road. Our law firm can help you legally shield your assets by identifying sources of liability that may create risk.
Our Modesto asset protection attorneys will listen to your goals and help you plan for the future. We have helped establish business entities and trusts for years in Stanislaus County and surrounding areas. If you have questions about trusts or other asset protection strategies, then we can help. Call us today at (209) 522-2211 or contact us through our website.