Asset protection is a component of financial estate planning intended to protect one’s assets from creditor claims. Individuals and business entities use asset protection techniques to limit creditors’ access to certain valuable assets while operating within the boundaries of the law.
Assets that are shielded from creditors by law are few; common examples include some home equity, certain retirement plans and interests in LLCs and limited partnerships (and even these are not always unreachable).
All types of people, with all types of assets, need asset protection. You need asset protection if: you are facing a lawsuit; you are in a profession with a high degree of liability (doctor, lawyer, financial advisor, landlord, real estate developer, real estate investor, etc.). What asset protection strategy(ies) you will need will depend on your specific financial and legal situation and your future goals.
An asset protection attorney is a lawyer with experience in helping clients find legal ways to protect their assets before lawsuits, bankruptcy, creditor claims, or other liabilities arise. At Astria Law Group, PC we employ many asset protection strategies, such as: