Should I Get Asset Protection?
Asset protection is a way to keep your assets out of the hands of creditors and predators. It will either prevent future lawsuits, or protect your assets in case of collection. The goal is to use certain techniques to protect your assets legally with the advise of a reputable attorney.
Asset Protection Basics
- There is no 100% bulletproof way (yes, those claims are bogus!) to do asset protection, especially if a lawsuit has been already filed or is about to be filed
- Asset protection needs to be obtained early on before you even anticipate needing it
- Asset protection is done at a time when there are no lawsuits looming against you
- Find an attorney to try and implement various strategies that help put barriers in front of others trying to obtain the assets
Why Do I Need Asset Protection?
As a resident of California, there are specific reasons why you especially want to consider getting asset protection:
- California is one of the most litigious states in the nation
- Divorce rates continue to be above 50%
- The economy will continue to fluctuate throughout and beyond your lifetime
If you are planning to leave an inheritance to a child, keep asset protection in mind. Any estate planning process that does not consider asset protection is doing your family injustice. Leaving an outright inheritance might be the most cost-efficient route today, but putting in the extra effort to protect what you are passing on could be the game changer that saves your family money in the end. When considering this option, know that you are not questioning the integrity of your family and their relationships, you are simply anticipating the challenges posed by this harsh world.
Your next step is to join our facebook group called “Parents Protecting Assets in California”. We provide valuable information on protecting assets from future in-laws and creditors!