5 Rules to Follow When Planning for Asset Protection
Asset protection consists of steps you can take to keep your vulnerable assets from being seized by creditors if they obtain a money judgment against you. You already have certain assets that are exempt, such as home equity subject to state law, as well as other items of personal property. But you can protect your other assets by making them exempt and beyond the reach of creditors by considering your financial goals in conjunction with your estate plan. Here are 5 basic rules to follow when you are planning for asset protection.
Consult with a trusts and estates attorney if you wish to preserve your assets and to more easily pass them to your heirs and beneficiaries. Be sure that your asset protection strategies and estate planning goals do not conflict or you could risk loss of assets.