King Law can help you protect your legacy against those risks. We are a preeminent western North Carolina law firm representing clients in Hendersonville and its environs in various legal matters. Our Hendersonville asset protection attorneys have decades of experience helping clients safeguard their assets against life’s unexpected twists and turns. Contact us today to learn what we can do for you.
What Is Asset Protection?
Asset protection is an umbrella term asset protection lawyers use to describe various legal tools and strategies that can shield your money and property from a potential future risk of loss. It is a proactive approach to asset control and ownership that often combines aspects of estate planning, elder law, real estate transactions, and business structuring. Its focus is on creating legal protections that can preserve and protect a client’s wealth in the face of foreseeable but unexpected adverse events.
Asset protection is not a way to “hide” money or property from one’s existing creditors or claimants. Once a liability (or debt) exists or is reasonably likely, the owner of an asset may have few (if any) legal options for protecting it from a claim. Instead, the point of asset protection is to peer over the horizon to anticipate risks that could arise in the future and to devise a plan to keep your wealth out of harm’s way.
Asset protection is also not an alternative to buying insurance. Insurance and asset protection work in parallel. Insurance covers specific types of liabilities and losses that you might otherwise have to pay with your assets. Asset protection, meanwhile, seeks to head off threats to your property in situations insurance cannot adequately address. For example, long-term disability insurance can pay for the cost of your stay in a nursing home if you get hurt in an accident. But it can’t keep you safe from an unscrupulous nursing home employee stealing your identity and draining your bank accounts while you are incapacitated. That’s a job better suited to asset protection planning.
Common Asset Protection Tools and Strategies
Hendersonville asset protection lawyers have a variety of tools and strategies at their disposal that they may use to protect a client’s valuable assets. The specific approach a Hendersonville asset protection lawyer proposes will depend on the assets at issue and the client’s priorities. Here are a few examples of legal means and methods of asset protection that a estate lawyer can implement.
Powers of Attorney
A power of attorney is a document that grants one person the authority to act on another person’s behalf as their authorized agent for specific, usually limited, purposes. It is a standard tool in an asset protection lawyer’s toolbox, often used in estate planning to give a trusted individual the ability to manage carefully defined aspects of your affairs if you become incapacitated.
A guardianship involves appointing a person to manage all the affairs of an individual who cannot care for themselves, such as an elderly parent or minor child. Like powers of attorney, guardianships serve asset protection purposes by placing control of someone’s property, investment decisions, medical choices, and spending in the hands of a trusted individual who will safeguard them. However, unlike a person granted a power of attorney for limited purposes, a guardian generally exercises blanket authority to make decisions for and on behalf of the person entrusted to their care.
Forming a corporate entity like a limited liability company (LLC) to own and manage property or conduct business is a common asset protection strategy. Corporations and their owners are legally separate, which means that one cannot be held liable for the other’s debts in most cases. Hendersonville businesspeople often incorporate to ensure that a liability incurred by their business does not put their personal savings, investments, or property at risk.
A trust is a legal arrangement in which one person (a settlor) transfers ownership and control of property to another person (a trustee) to use for the benefit of a third person (a beneficiary). Trusts serve asset protection purposes, most often in the context of estate planning, by allowing you to direct how your property is managed and distributed during and after your lifetime. In some formulations, they may also shield assets from taxation.
The Role of a Hendersonville Asset Protection Lawyer
Generally speaking, devising and executing asset protection strategies is not something you can do on your own. It takes careful planning and legal know-how to weigh the options, carry out property transfers, and draft appropriate documentation. The most reliable way to explore and invest in asset protection is to hire an experienced Hendersonville asset protection attorney who can review your circumstances, recommend strategies, and take the required steps to create durable, legally valid structures to safeguard your wealth against potential risks.
The sooner you speak with a knowledgeable Hendersonville asset protection attorney about protecting your assets, the better. As mentioned, you may limit your options if you wait until an actual or imminent liability threatens your financial well-being. Connecting with an asset protection lawyer in Hendersonville, NC before a crisis arises gives them maximum flexibility to tailor arrangements for your assets that fit your unique needs and wishes.
Contact an Experienced Asset Protection Lawyer at King Law Today
You understandably want to protect the money, property, and belongings accumulated over your lifetime. Asset protection gives you the ability to do just that. With the help of a skilled Hendersonville asset protection attorney, you can take effective steps to shield your valuable assets from life’s uncertainties.
At King Law, we have years of experience devising and executing asset protection strategies for Hendersonville residents and families. We listen to your wishes and craft solutions to fit your needs. Contact us online or call us at (888) 748-5464 or (888) 748-KING today for a consultation with a knowledgeable legal professional.