Asset Preservation & Protection
A well-crafted asset preservation plan serves as a powerful deterrent against unwarranted assaults on your assets. It effectively segregates and shields liabilities, safeguarding the hard-earned wealth you've accumulated. Moreover, a thoughtfully devised plan can fortify your privacy—a critical consideration in today's information-driven era. It's important to note that, contrary to common belief, a revocable living trust doesn't furnish any asset protection.
Strategies and Measures
Asset Protection, often discussed and sought after, is a concept not fully grasped by many. Simply put, it encompasses strategies aimed at shielding your assets from legal claims, creditor actions, or potential losses due to various circumstances like divorce, bankruptcy, personal injury, or civil litigation. The array of methods to safeguard your assets ranges from the straightforward—establishing a Corporation or Limited Liability Company—to more intricate measures, such as Prenuptial or Post-nuptial Agreements, Family Limited Partnerships, Irrevocable Trusts (including Asset Protected Trusts), and even Offshore Trusts. Typically, an effective Asset Protection plan combines several entities and trusts, a service offered by Abel Law Group.
Tailoring Protection to Your Assets
Upon consulting with the team at Abel Law Group, you receive a comprehensive assessment of the assets in question. They ascertain the extent to which each asset is susceptible to potential liabilities. This susceptibility can vary widely, contingent on factors such as the nature of the asset, its utilization, the owner's profession, and personal lifestyle. It's a sobering reality that successful professionals and entrepreneurs, who have accumulated significant assets through years of hard work, often find themselves targets of unwarranted legal challenges. Individuals may often be unaware of the extent of their liability exposure. Whenever substantial assets are at stake, seeking legal advice to comprehend exposure and, more crucially, to mitigate or eliminate it, is strongly advised.
Proactive Planning
Regrettably, a common scenario is clients reaching out after receiving a threatening letter from an attorney or being served with a legal complaint. Unfortunately, by this point, it's too late. Implementing asset preservation strategies or transferring assets to shield them from known or potential creditors is no longer an option. Once a claim is received, the opportunity has passed. This is why they encourage their clients to engage them in planning proactively for wealth preservation, before it becomes too late. Get a consultation with them now and experience the difference.
