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Why Asset Protection is an Important Part of Your West Palm Beach Estate Plan

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No matter whether you are looking to protect personal assets or business assets from potential creditors down the road, it’s important to take the proper steps now. Every situation and asset portfolio is different, which means the most effective tools will differ from client to client.

Don’t attempt to try to figure out what options would work best on your own, otherwise you might discover after it’s too late that you aren’t properly protected after all. Let an experienced West Palm Beach estate planning attorney help. When you retain an attorney who practices in the area of estate planning and asset protection, you can rest easy knowing that your assets are fully protected from creditors in the event of a judgment.

It doesn’t matter how young you are, you have likely already worked hard to earn what you have. The fear of losing that in the blink of an eye is terrifying. Imagine then when you have spent most of your lifetime building up assets.

If you get sued and the court awards the other party a judgment against you, it could spell financial ruin. If you do not have applicable insurance that will apply, the judgment creditor will come looking at your personal assets as a way of satisfying the judgment in question. This is why planning ahead and safeguarding your assets is so important.

Ways You Can Protect Your Assets

Depending on your asset portfolio and individual circumstances, your estate planning attorney may offer a variety of suggestions on how best to protect yourself. If you run a business or plan to run a business that is not already incorporated as a subchapter S, your attorney might suggest an LLC. LLCs are popular because they offer liability protection, like a corporation, but you aren’t subject to all of the rules and formalities and the double taxation that makes a C Corporation undesirable to some people.

An LLC will help protect your personal assets from business creditors, provided you follow all of the guidelines and don’t commingle your assets. If you do this, you could be opening up the window for creditors to come after your personal assets.

If you have a family-owned business that you hope to pass down to your children and grandchildren, you may be interested in a Family Limited Partnership, or FLP. This is one method to help you pass along valuable property to family members without capital gain taxes. With an FLP, the older family members would be the general partners, while the younger ones would be limited partners.

People who have amassed a large asset portfolio while still single might be interested in a prenuptial agreement before saying, “I do.” Prenuptial agreements get a bad rap, but they can be a valuable tool for both spouses in a marriage. They are starting to be used more and more often, especially in situations where one or both spouses have been married multiple times and have children from prior relationships or marriages.

Contact a Florida Estate Planning Attorney Today

If you have questions on asset protection and starting your estate plan, contact a West Palm Beach trust & asset protection attorney at the Law Offices of Larry E. Bray, P.A. today to schedule an initial consultation.

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