Redding Asset Protection Attorney

Protect Your Assets and Secure Your Legacy

You have worked hard to build your business and your wealth your entire life, but the fear of losing it all still keeps you awake at night. Even if you manage to leave a legacy to the next generation, how can you make sure it won’t all be lost to creditors or greedy ex-spouses? This is when having a skilled Redding asset protection attorney on your side can make a big difference. Learn how asset protection works, who needs it, and why hiring an attorney is a crucial step in implementing effective strategies to protect your assets from a myriad of risks. For legal advice concerning your particular situation, contact the attorneys at King Law Office directly at 530-221-2640.

What Is Asset Protection, and Who Needs It?

Asset protection is a set of tools and strategies that work to protect an individual’s assets from being lost to creditors, seizures, legal judgments resulting from lawsuits, and even unintended beneficiaries – such as former spouses. Many of these tools and strategies are also estate planning tools, which can, in turn, protect the individual’s estate from excessive tax liabilities.

Asset protection can benefit anyone, but it is especially important for individuals with a high net worth, as well as business owners and professionals who are at a greater risk of being the target of litigation, such as doctors or attorneys. Effective asset protection strategies are key to enabling individuals to be ready in the event of an estate dispute or lawsuit that can threaten the wealth they worked hard to accumulate.

How Does Asset Protection Work?

Since every person’s assets and needs are different, not one single asset protection plan will look the same. It is worth noting that asset protection should not be employed as a way of defrauding legitimate creditors, and even the best asset protection plans cannot offer 100% protection but can greatly reduce the risk of losing the majority of one’s assets. There are some common tools that can be used to protect an individual’s wealth from a variety of risks, including asset protection trusts, LLCs, FLPs, and certain types of insurance coverage.

Asset protection trusts are a category of irrevocable trusts that can be specifically set up to protect assets against creditor claims. This type of trust can be set up locally or in another jurisdiction with favorable asset protection laws, including offshore locations. Another common strategy is creating an LLC (limited liability company) or an FLP (family limited partnership) to separate your personal assets from your business assets while still retaining control over both types of assets. Certain individuals may benefit from having comprehensive professional liability coverage to shield them from being personally liable in the event of a lawsuit.

Integrating Asset Protection into Your Estate Plan

There are many different types of estate planning tools that can help you preserve your assets during your lifetime and ensure they will continue to be protected after they are in the hands of your beneficiaries. Trusts, for example, are a popular choice for those wishing to have more control over how their estate assets are distributed and handled after they pass away.

Irrevocable trusts can shield a person’s assets from legal judgments and creditors while the individual is still alive. After the individual (the grantor) passes away, their beneficiaries may receive the assets in accordance with trust terms, which may include stipulations about when and how the assets will be transferred. An attorney can advise you on the best asset protection and estate planning strategies for your needs and goals.

Why Should I Hire an Asset Protection Attorney?

When you have worked your whole life to build your wealth and leave a legacy, taking a do-it-yourself approach to protect your assets is too risky. An asset protection lawyer has the knowledge and skills to help you create a comprehensive estate plan and asset protection strategy to safeguard your assets and give you the peace of mind of knowing you will have a legacy to pass down to your loved ones. At King Law Office, clients across Northern California can find the legal guidance and services they need for all of their estate planning and asset protection matters.