When should asset protection planning be done?
Asset protection planning should be done before the accident or before you are facing any other financial difficulties. When the accident or unfortunate event occurs, the ball will likely already be rolling and in some cases planning is null and not recognized when situated or made legal too close to the incident. The earlier the better when it comes to planning to protect your assets and sometimes your livelihood from people and incidents.
What are some of the ways in which assets can be protected?
Asset protection planning can take many forms. In the business context, the form of the business entity can be an effective asset protection device. Effective estate planning can result in asset protection. Last, but not least are state law exemptions which protect certain assets or an amount of equity in those assets. Retirement funds and certain pensions are either already subject to protection from creditors or can be made so. Thus, to the extent that you can legally add funds to your retirement accounts, you are better protected from creditor attacks than if the money were in a bank account.
What are my next steps?
Talking to a financial planner and also talking to a lawyer who specifies in asset protection will help you get the best protection possible without draining your pocketbook. Finlayson Law is here to help! Asset protection is a question of balancing the planning time versus the benefits of such planning and in almost every case the time it takes to plan is well worth the desired outcome of keeping your money, business and accounts safe in the event something drastic happens to you, your family, or business. Finlayson Law can help guide you through this process as it can seem complicated and not a place you want to make wrong turns! We are knowledgeable, local to Albuquerque, and specialize in an array of specialties that will benefit you. Schedule an appointment today!