St. Petersburg Asset Protection Attorney
People spend decades saving for retirement. Unfortunately, one lawsuit or legal claim can devastate a person’s finances. This is where an asset protection attorney is a big help. Asset protection is a strategy for protecting your hard-earned assets from creditors. Imagine you are facing a lawsuit for a personal or business transaction. If you lose, then you could end up losing everything you have.
Call Fisher & Wilsey, P.A. today to speak with a St. Petersburg asset protection attorney in a private consultation. Nothing is more important than securing your family’s future, and we have developed asset protection strategies that work.
Why Protecting Assets is So Critical
A lawsuit or divorce could potentially cripple a person’s financial plans. All sorts of property can be vulnerable to seizure or attachment, including:
- Savings
- Investments
- Crypto
- Real estate
- Business assets
- Other valuable possessions
An asset protection attorney comes up with a plan to protect these assets in the event of:
- Divorce
- Personal injury lawsuit
- Breach of contract claim
- Small business dispute
For example, someone might trip and fall at your property, suffering a major head injury. They can sue you for failing to warn them of a defect. If they win, they might attempt to put a lien on your assets to recover the court judgment against you. In Florida, some assets are protected from any type of attachment, but there are limits to the protection and no one should depend on the law shielding their most critical assets.
Proven Asset Protection Strategies
An asset protection attorney uses legal methods to frustrate the ability of creditors and others to seize your assets. Some of the most common strategies include:
- Limited Liability Companies (LLCs). An LLC is a business entity which provides limited liability protection to the members who own it. You might title certain assets (like a car) in the name of an LLC.
- Irrevocable life insurance trust. By placing assets in an irrevocable trust, you place assets beyond the reach of creditors since they are owned by the trust.
- Domestic asset protection trust. We might create this trust in a different state to protect your assets from creditors.
- Offshore trust. We could possibly create a trust in a different jurisdiction, which makes it harder for creditors to find.
This is a short sampling of the different strategies we can use to protect your hard-earned assets. Each has its own benefits, costs and risks. The laws regarding the creation of trusts or LLCs are more complex than many people imagine, and you want to stay on the good side of the law as you work to protect your estate. Instead of creating your own asset protection plan, connect with experienced attorneys who can advise you.
Obtain Peace of Mind Today
The world is only becoming more litigious, with many people facing frivolous lawsuits. Call Fisher & Wilsey, P.A. to talk with a St. Petersburg asset protection attorney about how to protect what you own. The sooner you begin creating a strong asset protection plan, the more peace of mind you reap.
