Protecting your assets involves combining various strategies that legally safeguard your property. Our asset protection attorney in Marion can help you implement strategic legal steps that best fit your situation. We will apply decades of experience to assess your exposure and create an asset protection plan that may include:
Limited Liability Companies (LLC)
Business owners can establish a limited liability company (LLC) structure to protect their personal assets from creditors or lawsuits targeting their businesses. Our attorney can help you create an LLC that separately identifies a business from its owners. Therefore, your assets are not affected if someone files a lawsuit against your business.
While nobody enters a marriage with divorce on their minds, it’s advisable to prepare for possibilities. Prenuptial agreements are signed before marriage to help protect a person’s assets in case of a divorce. It defines the property and financial rights of each spouse, including their assets and debts. Therefore, negotiating and signing a prenuptial agreement protects your assets from being jointly owned during a divorce.
Setting up an irrevocable trust transfers your assets to a trustee who manages them on behalf of the beneficiaries even after you pass away. Upon establishing an irrevocable trust, you’ll no longer be legally in possession of your assets. This prevents creditors from reaching your assets when they try to collect.
While irrevocable trusts cannot be changed, they can effectively safeguard your assets if they adhere to the given legal formalities. Our experienced Marion estate planning attorneys can help draft an irrevocable trust that is satisfactorily structured within the right parameters.
Family Limited Partnerships
A Family Limited Partnership (FLP) is a family wealth planning structure that separates control and economic ownership of an asset. In FLP, the General Partner manages the day-to-day aspects of the business, while the Limited Partners have no control over the asset’s management even though they own part of it. This helps keep the ownership and control of the assets within the family.
Outside investors or creditors are not allowed to get involved with the business. Additionally, a family member will also have to return their shares to the family in case of anything. And since the beneficiaries are limited partners, the assets are not affected by their creditors or lawsuits against them.
Our Dedicated Marion Asset Protection Lawyer Can Guide You on the Right Path
Whether you’re just starting out and building assets or nearing retirement, the best time to create an asset protection plan is now. You don’t have to wait until you face a devastating lawsuit that threatens your financial life. Therefore, it’s never too late to speak to our skilled asset protection lawyers in Marion, NC. We can help you navigate all the legal complications, including:
- Creating a plan to protect your personal and business assets in case legal issues arise
- Creating a business succession plan
- Advise you on the best ways to protect your assets
- Assist in estate planning
- Ensure your rights are protected
We will identify and implement strategies to protect you against unexpected events and unforeseen changes. Our goal is to craft a plan that allows you to preserve and pass on as much of your wealth as possible.
Consult a Dedicated Marion Asset Protection Lawyer at King Law
From savings to real estate and vehicles, there are many assets that creditors can attack. Unfortunately, creditors come in all shapes and sizes, and you stand to lose it all to an unfortunate crisis or innocent mistake. Creating a well-crafted asset protection plan not only prevents losses but also allows you to grow and use your assets without the fear of any kind of attack. Attorneys at King Law are ready to help you decide what asset protection strategies are the best suited for you.
We are a team of experienced and knowledgeable attorneys with years of experience safeguarding assets and keeping families safe in case of legal issues that may arise in the future. Don’t leave yourself or your loved ones to deal with the financial aftermath that lawsuits and creditors can bring to your family. Call us at (888) 748-5464 or (888) 748-KING today to explore your legal options in asset protection. You can also fill out our contact form.