Asset protection is one of the pillars of estate planning and asset management. It refers to the various strategies, laws, and tools that lawyers leverage to help individuals and businesses keep their assets from creditors, bankruptcy, and lawsuits. Clients are interested in asset protection for several reasons, but generally, the motivation is either to retain the assets until some future date or to get them into the hands of their loved ones when they’re gone.
At Mason Law & Planning Group, our focus is facilitating your efforts to preserve your generational wealth. We know that you work hard for what’s yours. Whether you own a business or are worried about how existing debts will affect future asset transfers, we want to help you craft an asset protection plan that safeguards your hard-earned wealth from anyone who might try to take it. One of our Colorado asset protection attorneys will meet with you to discuss your long-term goals and work with you to create a personalized plan that gives you added assurance regarding your financial stability and the future of your assets.
Contact our office today if you’re ready to discuss your situation with one of our Colorado Springs asset protection lawyers.
There are a number of different asset protection strategies that we can employ depending on your situation and long-term goals.
For most clients, one of the first things we do is a comprehensive exemption diagnostic. This allows us to identify your assets that are legally protected from certain estate taxes, lawsuits, and debt collection efforts. Exemptions vary based on jurisdiction. Many states have exemptions for established homesteads, insurance policies, annuities, retirement accounts, and other designated property items. Some of these exemptions are more comprehensive than others, but we can meet with you to determine which can apply to your situation.
After the exemption diagnostic, asset protection strategies will vary from case to case. For some clients, it might be better to create a business entity with limited liability. This can help individuals separate their personal assets from those directly linked to their professional endeavors. This helps protect their personal wealth and liability in the event of any lawsuits or creditor claims filed against the company.
For other clients, one or more trusts might be the best option. Trusts can be used to transfer ownership of assets to third parties, such as a trust company or some other fiduciary agent. Often, people will designate a spouse as the trustee when creating the trust for estate planning purposes. In that context, trusts can help keep your assets out of probate, which typically ensures smoother asset transfers. They also allow individuals to set up specific instructions regarding how assets should be managed. In many cases, people combine trusts with other asset protection strategies. For example, creating a business entity allows lawyers to craft more sophisticated trust structures.
Asset protection is a defensive measure that serves you now and beyond your lifetime so that the right people and organizations benefit from your life’s work. We discover the right strategy and resources — trusts and other appropriate shelters — for maximum security and to limit access to your assets by undeserving parties.
Exemptions, business entities, and trusts are just a few of the asset protection strategies we offer. We can also assist clients with wills, debt resolution options, business succession, and more. No matter your situation, our attorneys can assess your case and help you decide how best to organize and allocate your assets.
Ensure your financial security. Safeguard your assets with our experienced asset protection lawyers in Colorado. Whether it’s shielding your business or preserving personal wealth, we specialize in comprehensive asset protection strategies.
Gain peace of mind and shape a secure future. Reach out to our asset protection attorney in Colorado now for a consultation and discover the immense value of expert legal guidance. Protect what you’ve tirelessly built – your assets deserve unparalleled protection.
Call (719) 428-4495 or fill out our contact form to request a consultation with our Colorado Springs asset protection attorneys.
