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Pittsburgh Asset Protection Attorney

Is asset protection really necessary?

Asset protection involves taking steps to keep your property safe from being taken by someone who wins a lawsuit against you. In order to be successful in protecting your assets, it is important to start asset protection planning before a lawsuit is even on the horizon. A comprehensive asset protection plan needs to integrate the goals of protecting both your short-term and long-term financial goals, as well as your estate planning goals.

In fact, asset protection plans are often a helpful precursor to creating a comprehensive estate plan. With the help of a qualified Pittsburgh estate planning attorney, you can set up an asset protection plan that will also help you understand your current net worth and how much wealth you can expect to accumulate in the future.

Steps in Asset Protection Planning

One of the first steps involved with asset protection planning involves contacting an attorney who has extensive experience in this area of law. Here at Temple & Frayer Law, our AV® Rated Pittsburgh estate planning lawyer has been serving the community for nearly 40 years in this area of law. We will work closely with you to determine your current and future sources of income, how much money you will need to retire, and how much will be left over to pass on to your heirs after you die.

After this detailed financial plan has been established, we will take a look at your current assets and reposition them to become exempt from creditors if they are not already. Creditors can be a tremendous hassle when you are trying to protect your creditors, and taking preemptive action now will save you many headaches in the future. Any assets that you plan on acquiring in the future can also be protected from potential creditors through this financial plan.

When your financial plan is in place, you will have an idea about the amount of wealth that you expect to accumulate in the future. This information is critical to creating a comprehensive estate plan, and your attorney will utilize each part of the financial plan to customize your estate plan to best suit your needs. For example, your estate plan will address issues such as who will take care of you and your assets if you become mentally incapacitated, who will manage your assets and take care of your spouse or other family members after you die, etc.

Important Rules for Asset Protection

If you are considering asset protection, then it is very important that you start planning right away. This is the first rule when it comes to these types of actions. If you do not take action and hire an estate planning lawyer to help you, then chances are that you may be too late. If a claim arises and you then decide that you need to seek asset protection, you may be too late and your plans to protect your finances may be halted. Instead, you should start planning for your assets before a claim arises. Start planning before there is even a hint of a lawsuit, and you will most likely secure the protection of your possessions before lawsuits arrive. The second rule you may want to keep in mind is the fact that late planning typically backfires. Asset protection after a claim has been filed can usually make the situation worse. A judge may declare a fraudulent transfer and then deny you any discharges in a bankruptcy or may declare that you are now liable for your creditor’s attorney’s fees as a result of the transfer.

Another important thing to remember when working towards asset protection is the fact that it is not a substitute for insurance. In fact, asset protection can never be used as a substitute for liability and professional insurance, but instead a supplement to it. According to Forbes, you need to determine which assets to protect and how to protect them. Personal assets should be put in trusts, while business assets should be placed in business entities. Mixing the two pools can come with a cost. A professional asset protection lawyer can help to clarify this for you.

Hire a Professional to Protect your Assets

As you can see, your estate plan should encompass asset protection planning. By having a reliable and qualified legal professional by your side during this process, you will have the guidance and protection you need to make the best decisions for your estate. Then, if a creditor does show up at your door holding a judgment against one of your assets, you will be in a far better position to resolve the matter without giving up your asset or your hard-earned money. Asset protection will not only benefit you, but benefit your future heirs and the family members that rely on you. Once again, timing is essential when it comes to estate planning so it is highly recommended that you begin the process right away. Contact Temple & Frayer Law today to start planning for asset protection!

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The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.