February 18, 2022
2 Tools for Asset Protection
Just about everyone needs some level of asset protection planning in today’s litigious society. It’s no secret that more and more people are using the legal system to deprive others of their life’s work. It doesn’t take much to find yourself at the center of a lawsuit. Maybe you were in an auto accident, made a mistake on the job, or had a business relationship go sour.
Did you know that your property and your hard-earned assets could be at risk of creditors and legal judgments?
Fortunately, there are a number of asset protection strategies that you can implement with the help of a lawyer to keep your family’s wealth protected.
Estate Attorney and Advisor Chris Berry of Castle Wealth Group answers questions on retirement and estate planning every Wednesday at 1pm. Register via this link or give our office a call at 844-885-4200.
Castle Wealth Group and Christopher Berry help families with estate planning, elder law, retirement planning, and tax planning from their offices in Brighton, Ann Arbor, Livonia, Bloomfield Hills, and Novi.
Castle Wealth Group helps families with their legal, financial, and tax planning for their retirement and legacy.
With the use of legal structures like revocable living trusts, Castle Trusts (asset protection trusts), Chris Berry and Castle Wealth Group can help your family plan, protect, and preserve what is important through their Retirement and Legacy Blueprint Process.
Step one would be the creation of a plan to avoid lawsuits and judgments altogether. This is done by using legal tools such as trusts and LLCs to lower your “wealth footprint” and become a less attractive financial target. Remember, plaintiff’s attorneys are constantly looking for “deep pockets” to sue. If they don’t believe there is much to recover from you, the less likely they will be to take someone’s case against you.
However, in the event that you cannot avoid a lawsuit, then a solid asset protection plan can help ensure a more favorable outcome in your case. Again, protection measures such as trusts and LLCs will put your assets further out of reach, and give you, the defendant, an upper hand in settlement negotiations.
Keep in mind that the time to engage in planning is before any hint of a lawsuit or conflict arises. Any attempt to transfer assets after you are in distress can carry serious consequences, both legally and financially. The very act of moving assets in the heat of a legal battle for the purpose of delaying or hindering a creditor or legal opponent is called fraudulent conveyance, which is a crime.
The time to move your assets is when you are not at risk. This can be safely done with the help of an experienced asset protection attorney who will ensure all transfers of assets are made properly and within appropriate timeframes.