You likely have worked hard to create personal and/or business assets throughout your life. Asset protection can then be a critical part of your estate planning to prevent them from being lost through judgments, creditors, divorce, and lawsuits. This is especially true for small business owners, multiple real property owners, and anyone else who has accrued multiple assets. Safeguarding these assets requires proactive planning and strategies for both businesses and your estate.
At the Law Office of Jason Brown, we can help you design and put into effect the asset protections you need as part of your estate planning. We know that each client comes with his or her own unique set of circumstances, needs, family dynamics, and goals, which is why our approach is a personalized one. By engaging in an in-depth review of your situation, we can develop an asset protection plan customized to you. Our goal of providing high customer service at an affordable rate gives you the benefit of asset protection that is effective in cost as well as structure.
Schedule a free initial consultation with our Fort Worth, TX asset protection attorney to get your questions answered and concerns addressed. You can reach us online or at (817) 900-3892 to get started. We serve individuals, families, and small business owners throughout the greater Dallas-Fort Worth area.
Asset Protection Strategies
The time to put together an asset protection plan is well before any liability issues arise. Protecting your assets must be a proactive action, not a response to a lawsuit. Trying to protect your assets at that point may only wind up worsening your situation as you could be accused of fraud. Luckily, Texas is an asset-protection-friendly state. Many ways exist in which you can safeguard your assets from creditor actions.
To protect business assets, you may want to separate yourself as the owner of the business from its activities, income, and production. This can be done through such business formations as limited liability companies structured strategically to keep your business assets from being accessed for liability. These strategies can include forming shell management and holding company LLCs, creating land trusts, and operating your business under a DBA. Corporations can also be set up to shield your assets from personal liability. Attorney Jason Brown can provide options for those with business assets that need to be protected.
Trusts can be set up for asset protection as well because the assets can be titled under the trust and thus be held independently from you. Trusts also have the benefit of avoiding probate, remaining private, and making the transfer of assets and income easier. They can range from those that protect domestic assets to life insurance trusts, gifting trusts, and more.
Lady Bird deeds are special deeds that can allow you to transfer your property to your beneficiaries without going through probate. As the owner, you remain in control over the property until you pass away.
Texas also provides homestead protections to protect your home from creditors and lawsuits. In Texas, the entirety of your home’s value is protected from forced sales to pay off creditors. The exception to this is forced sales due to foreclosure, property taxes, federal taxes, and property liens that were filed prior to Texas exemption laws.
Some protections from judgments and creditors seeking payment by certain types of personal Income and property may be protected in Texas. For example, wage garnishment violates Texas law except in certain circumstances, such as to pay for child support. Alimony, student loans, or delinquent taxes. However, bank accounts can be garnished. Creditors also cannot take money from other personal assets, such as life insurance policies, retirement accounts, annuities, Social Security, VA benefits, and other assets.
To learn more about how to shield your assets from judgments and lawsuits, whether business or personal assets, talk to our attorney at the Law Office of Jason Brown who can provide skilled guidance and follow through with setting up the protection plans that best suit your needs.
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