Asset protection is only for the wealthy, some people believe, but this is no longer true. Anyone who owns a home, an IRA (individual retirement account), life insurance, or a savings account needs asset protection. When someone passes away, his or her assets may pass to a relative. What most people don’t realize is that individuals and companies today are using legal maneuvers to get what they think they deserve, and in the process, depriving people of their inheritances. When assets change ownership, such as at death, and the new owner tries to liquidate, creditor predators can seize the asset as payback of a debt incurred by the person who passed away.
The recent financial downturn illustrates how people might fall into financial crises. Studies show about 70% of Americans will experience a loss of income of 5 - 10% in the near future. Hard times don’t have to cause financial ruin. Laws are in place to keep assets out of the reach of creditor predators. Survival comes from being prepared. There are legal actions that can be employed to protect yourself and your heirs. If you own an asset that is unprotected, you should find out about what is available. We can help.
The time for developing an asset protection plan is before you get into financial difficulty. Creditors can and will pursue people for unpaid loans whether alive or dead. Courts will not view favorably an action to escape any personal guarantees you or your relatives have made. If you are currently experiencing financial difficulty, speak with us right away. We can refer you to a bankruptcy or workout attorney.
If you own a family business, we can help you develop an asset protection plan that protects your hard earned success. It is easy to believe this might be a do-it-yourself project. For example, some people wrongly think that setting up a corporation, such as an LLC (limited liability corporation) is asset protection. An asset protection plan by a qualified estate lawyer ensures that the proper safeguards are in place. Creditors are using the legal system to get what they believe is theirs. Likewise, you should employ legal documents developed by an asset management attorney to protect your assets.
I Don’t Need Asset Protection
If you own real estate, are a professional offering services for a fee, or invest in jewelry, art or other valuables, get an asset protection plan in place. Perhaps you are in a blended family and want to leave an inheritance to your estranged kids. You have named them as beneficiaries in an IRA. You might be surprised to learn that upon your death, a creditor predator may take that IRA distribution away from those kids.
Reach Out to Us
With just a little planning, you can protect your assets from creditor predators or financial hardship. Call us today at 205-663-0281 for a free consultation if you want to know more about the asset protection tools you might use to safeguard your nest egg. John Holliman and Melanie Bradford will help you with asset protection planning while taking care of your loved ones. We treat you like family.
Whether the family home or an IRA, the ultimate goal is to protect your assets in a manner that is effective, legal and ethical. We offer a free consultation. Get started today - reach us via the Contact Us form. Use it to get started, or call us at 205-663-0281.
Jim Holliman, Attorney (Seated)
John Holliman, Attorney (Standing)
Melanie Bradford Holliman, Attorney
Golden Years in Alabama - Host Ryan Robnett interviews Melanie B. Holliman - May 2017