While people commonly talk to estate planning lawyers about wills and trusts, you can also consult the same attorney about asset protection planning. Because we live in a litigious society, it is important to know the best measures for safeguarding your assets.
Keeping Your Assets Safe
Asset protection planning allows you to organize your assets, so that you can enjoy them with less risk of loss. While hiding assets from creditors or the IRS can be illegal, strategies can be implemented to safeguard assets legally and to avoid major financial disasters.
A number of factors can lead you to contact an estate planning attorney in Glenview IL. For example, you need to discuss asset protection planning or liability if the following applies to you:
- You own one or more rental properties.
- You do not carry sufficient liability insurance.
- You are self-employed and work in a hazardous occupation or have employees or a large number of customers.
- You have teens in your home who drive.
- Strategies to employ for added safety.
When you speak to an estate planning attorney about asset protection planning, you will find that a number of devices can be used to protect assets from creditors. These devices may include the formation of a limited partnership or limited liability corporation. You may also establish your company as a corporation or set up an asset protection trust.
Regardless of the assets you possess or your current age or health, it is helpful to establish a relationship with an estate planning attorney. Drawing up a will, setting up a trust, or protecting your current assets will keep you safe financially.
Who to Contact for an Appointment
To learn more about estate planning options, contact a legal firm such as the Law Office of Jeffrey P. Story. The sooner you make contact, the sooner you will be protected. Make it a resolution to safeguard your financial interests now and into the future.
