December 21, 2023
Asset Protection Strategies in Michigan- What Professionals Need to Know
Many people are using the legal system to deprive others of their life’s work. Millions and millions of new lawsuits are filed every year. As you can imagine, many are frivolous or settled for large amounts of money. Michigan business owners, property owners, and professionals such as accountants, lawyers, dentists, and doctors are often a target and as such, need to be aware of the risks associated with conducting business. Some of the more common vulnerabilities include:
- Personal injury on your property
- Personal injury as a result from a motor vehicle accident
- Malpractice liability
- Lawsuits from former partners
- Liability arising from misconduct
These are just a few examples. Unfortunately, there are many other scenarios that unscrupulous people use to try to rob you of your hard-earned assets.
The Castle Trust-Michigan Asset Protection Trust
But, you can prepare and protect yourself, your family, and your business from this possibility. Asset protection strategies in Michigan will help preserve your wealth and safeguard your assets using a series of techniques that will protect you from claims of future creditors. The techniques used will often deter potential creditors from suing you or obstruct their ability to seize your assets or collect judgments.
Often times, we’ll use an asset protection trust to help shield your assets. These asset protection trusts can allow you to manage the assets, including your business inside the trust, while still protecting against lawsuits, bankruptcy, divorce, etc.
It is important to understand that asset protection planning only works if you act before you are facing a lawsuit. Under the law, you cannot use asset protect strategies to protect you from current creditors. If you are already being sued or if you know someone is going to, you cannot then transfer assets so that creditors can’t reach them. The court would reverse the transfer then and possibly bring up a case against you for fraud.
So, the time to create an asset protection plan is now – before you need it. We invite you to call our Michigan asset protection lawyers at 844-885-4200 to schedule an appointment to learn how asset protection strategies in Michigan can help protect your wealth and life’s work or you can attend one of our free webinar:
Join our Weekly Wisdom Webinars
Estate Attorney and Advisor Chris Berry of Castle Wealth Group answers questions on retirement and estate planning every Wednesday at 1 p.m. www.wisdomwebinar.com to register or give our office a call at 844-885-4200.