Protecting your assets is one of the most important steps you can take to secure your financial future. Having accumulated wealth in your career, as a business owner, or a real estate investor, asset protection ensures that your wealth is safeguarded against unforeseen financial risks.
In Hendersonville, NC, implementing strong asset protection strategies can prevent the loss of resources and provide peace of mind for you and your family.
The legal team at Strauss Attorneys, PLLC has several qualified attorneys who can offer comprehensive asset protection plans designed to meet your unique needs. If you are out to secure your wealth and ensure your family is financially protected, don't hesitate to call our Hendersonville office for professional legal advice.
Most of the financial risks that threaten your wealth are unforeseen. This means that you must be proactive in implementing legally viable strategies to ensure your legacy is preserved against unexpected events. Some of our Hendersonville, NC asset protection strategies include:
One of the most effective ways to protect your assets is by establishing certain types of trusts. Trusts create a legal entity separate from your personal estate to help shield assets from creditors, lawsuits, and excessive taxation.
For example, revocable living trusts can allow you to manage your assets during your lifetime while ensuring a smooth transfer to beneficiaries after your passing. Although revocable trusts do not provide complete protection from creditors, they help in estate planning and probate avoidance.
Conversely, irrevocable trusts offer greater protection because once assets are transferred into an irrevocable trust, they are no longer considered part of your estate. This means creditors cannot access them and are better protected from legal claims. We can also advise implementing asset protection trusts (APT) to protect your assets from potential lawsuits or creditor claims while enjoying some level of access and control.
In Hendersonville, forming the right type of business entity can play a key role in asset protection. As you know, operating a business as a sole proprietorship exposes personal assets to potential business liabilities. However, we can help you choose the right structure to limit personal liability and protect your personal wealth.
For example, a Limited Liability Company (LLC) is an excellent option for liability protection by separating personal and business assets. In the event of a lawsuit or debt claim against the business, the owner’s personal assets remain protected. We will help you structure your business so that it can legally shield your wealth from business liability claims.
We also form Family Limited Partnerships (FLPs) when appropriate to facilitate strong asset protection.
Some insurance policies in North Carolina are legally protected so that any cash build-up is safeguarded against potential liabilities and lawsuits. For example, carrying the appropriate life insurance policies in North Carolina can provide financial security. Upon your death, those benefits will be protected against creditor claims and will pass to your dependents.
The time to implement asset protection plans to safeguard your financial future is now. Waiting until a crisis strikes may make safeguarding your earned wealth challenging or even impossible. Our Hendersonville, NC, asset protection services at Strauss Attorneys will be designed to address your unique goals for your legacy. Contact us now to book a consultation on what to do for comprehensive asset protection.
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Asheville, NC
Hendersonville, NC
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Whether you need to create a simple Will, protect your assets, or plan for your business, our team is here to help.
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