You work hard for your money, and for the things you have accumulated over time. Building wealth takes a lot of effort, and provides a financial security blanket in times of unexpected need. However, there are times where lenders can get to your nest egg and essentially swipe the rug out from under your feet. In order to safeguard what you have spent a lifetime acquiring, proper measures should be taken. There are legal remedies available to you, to protect your assets and ensure your future financial security stays intact.
Building a wall around your assets takes careful planning, and starting early is the best approach to take. The sooner you begin construction on your protective wall, the more secure your assets will remain. Two ways to protect assets from being taken are:
- Create a trust. A trust is a legal mechanism that allows you to transfer property into it, in the name of the trust rather than in your name personally. Assets held in trust are generally not reachable by creditors, and thus remain safe if you experience financial difficulty.
- Be sure to keep business assets separate from personal assets if you are a business owner. Doing so will draw a clear line in the sand about ownership, and creditors of your business will not be able to take personal assets. The opposite is true as well, where personal lenders will be prohibited from seizing business assets. Many small business owners take out loans in their business name for this reason, just be careful to keep use of business assets separate from use of personal assets. If you commingle the two, the line becomes blurred and you open the door to creditors.
Asset planning is a huge undertaking, and should not be done without the help of a legal professional. It might seem strange to call on a bankruptcy attorney for this task, but in truth bankruptcy and assets go together quite well. Call on our experience in this area for help, and let us put plans in place that keep your assets safe while providing you a way to pay off liabilities.
For help with finances, contact us at www.law-ri.com. We will help by coming up with solutions that work for you and have multiple locations to meet your needs for office visits.