Yakima Asset Protection Lawyers
For those who have worked hard to make wise investments, plan for the future, and enjoy retirement, it is chilling to think that the wealth you have built could be at risk. However, despite wise use of insurance to safeguard your interests, your assets could be in jeopardy due to lawsuits or other claims. Fortunately, there is a body of laws in Washington dedicated to asset protection. Through meticulous planning and taking advantage of legal options, you can shield many forms of real estate and personal property.
There is no one-size-fits-all for asset protection, so you will need a solid strategy to achieve your unique financial, family, and business goals. At Moulton Law Offices, our firm will explore all options and employ creative planning to safeguard what you hold dear. Please contact us to speak to a Yakima asset protection lawyer about your objectives. We can schedule a consultation to discuss details, but some background is informative.
Facts About Asset Protection
As you purchase property and make profitable investments, you might not realize how your legal status makes individually owned assets vulnerable to claims. If you become obligated or liable in some way, your home, vehicles, bank accounts, and other property could be at risk. Asset protection involves strategies to avoid this situation. It is especially effective at safeguarding the interests of professionals and business owners who have increased exposure.
With proper planning, you can minimize the impact of:
- Personal injury accidents;
- Lawsuits and judgments;
- Creditors’ claims; and,
If legal action seems inevitable, you might be tempted to transfer real estate and personal property out of your name as an individual. However, doing so could violate rules on fraudulent transfers and put your assets back in jeopardy. Instead, you should consider other options for asset protection.
Asset Protection Strategies
A basic approach is one that you are probably already using, and that is insurance. It is smart to review them regularly to stay on top of issues, and Moulton Law Offices will help you assess coverage, deductibles, or loopholes.
In addition, our Washington asset protection lawyers will detail other options that may support your goals. For instance:
You might consider a limited liability company to separate your personal interests. As a member of an LLC, you will not be subjected to losing your assets if the company becomes obligated.
An asset protection trust is an option, but it must be irrevocable and comply with legal requirements. Though you can be a beneficiary, you cannot be a trustee.
Divorce is a potential financial loss, so you can plan ahead by executing a prenuptial agreement to protect assets.
A Yakima Asset Protection Attorney Will Assist with Planning
While it is encouraging to know that you have options to shield real estate and personal property from risk, legal representation is essential. Mistakes can be costly, thwarting your efforts and threatening your future. For more information, please contact Moulton Law Offices to set up a consultation. A Yakima asset protection lawyer will advise you on strategy after reviewing your situation.