Protect the assets you’ve worked so hard to acquire
Keeping the assets that you have worked your entire life to acquire should be a critical part of any estate plan. Green Legal Group can provide the right legal assistance you need to manage your assets. Asset protection planning focuses on protecting your assets from creditors. Anyone can be legally sued, but it is up to you to focus on finding a way to protect your assets from being taken from you. If someone wins a monetary judgement against you, your family could become bankrupt as they try to pay it off. Asset protection techniques include maximizing IRA contributions, moving funds to an irrevocable trust, or using limited liability companies or family limited partnerships to protect your assets.
Creating an Asset Protection Plan
Speak with one of our trust and estate attorneys in Salt Lake City, Utah to discuss creating an asset protection plan. We will create a plan that works for you. Asset protection planning will only work if you act before a creditor sues you. If you are already being sued, or you know you are going to be sued, the court can reverse the transfer of your assets. Putting a plan in place as soon as possible is the ideal way to protect your assets.
Using Liability Insurance for Asset Protection
The most common type of traditional asset protection includes the use of liability insurance. Liability insurance can fail if you have inadequate coverage, extensive policy exclusions, or an insolvent carrier. If you have a current insurance plan for your home or life insurance, contact your insurance company to discuss adding liability insurance. Businesses can add liability insurance to help protect the company assets and prevent serious problems with their assets.
The estate attorneys at Green Legal Group can provide you with the information you need to make an informed choice and help to ensure your legacy is preserved. Contact one of our estate planning attorneys today to schedule a free legal consultation, (801) 405-7827.