Asset Protection Lawyers in Chapel Hill Minimizing Risks for Our Clients and Their Assets
You may hear the words “asset protection” and immediately think about security guards at department stores that are there to protect the stores from theft and loss of property. However, when it comes to estate planning, this is not the case. Protecting your assets may be one of the most important things you can do, especially as you get older and as your estate grows. Whether the assets you are protecting are finances or real estate properties, ensuring you and your family’s financial security in the future can make a major difference in your lives. As time goes on, you may be more and more vulnerable to creditors seeking payments and lawsuits that can put your hard-earned assets in jeopardy. When you are creating an estate plan, it is important to consider asset protection plans to make sure your assets remain protected for the rest of your life and beyond.
How Does Asset Protection Work?
There are many aspects to asset protection, but in general, asset protection involves utilizing legal methods to protect your assets from extra taxation, from liabilities such as lawsuits while you are living, and even liabilities after you have passed away. Optimizing your assets to protect them can help you save money in the long run and can ensure your loved ones are protected when your assets become theirs. Some methods of asset protection that can be set forth can prevent other parties in the future from claiming your assets in a lawsuit or in a divorce. This can be critical later on in life when you want to maximize the assets you have to give to your beneficiaries. Asset protection can also help you with long-term health care putting you in the best position to receive the care you need. With so many moving parts and options available to you, you should speak with an asset protection lawyer as soon as possible to create the right asset protection plan for you.
Can a Lawyer Help Me Set Up a Trust to Protect My Assets?
By restructuring and reorganizing your assets into an asset protection plan, often involving trusts, you can ensure that your assets are not only protected but optimized for longevity. With the help of an experienced asset protection attorney, you can reorganize your assets in a way that can help you reduce the amount of taxes you will have to pay, maximizing the amount of value of your estate. Not every lawyer has the ability to structure your assets in a way that gets you the best results possible. Contact Thomas-Walters, PLLC today to learn more about the asset protection options available to you.
Why Would I Need Asset Protection?
Failing to adequately protect your assets can be extremely costly to both you and your family. You can expect to pay at a higher tax rate than you would if you had protected your assets. On top of paying more taxes than you would, failing to protect your assets can leave your beneficiaries compromised. For example, if you have a grown son that is married and he inherits assets from you after you pass away, he can end up losing those assets should he end up in a divorce. With properly protected assets, parameters can be set to ensure your son’s inheritance does not factor into his divorce proceedings. Contact our North Carolina law location to weigh the extensive options you have and let our experienced asset protection lawyers guide you through the process.
Is Hiring an Asset Protection Attorney Right for Me?
Hiring an asset protection lawyer from a trusted estate planning law firm like Thomas-Walters, PLLC can give you and your family the legal support you need to make the most out of your assets today, and leave your family better off tomorrow. With years of experience putting together effective and strong asset protection plans for our clients, we hope to help you pave your way towards a secure future. Schedule a consultation today by calling (919) 424-8277.