Asset protection is essential for anyone who has built wealth or who hopes to grow their nest egg. When you work hard to achieve financial security, you don’t want the fruits of your labor to be lost because of bad luck or unexpected circumstances. You need to make certain that you have done everything you can to protect your efforts and achieve peace of mind through financial freedom. An asset protection lawyer can help.
Biddinger & Bitzer, PLLC can offer you comprehensive assistance with the asset protection process. We will work with you to evaluate threats to your financial stability and to find ways to use Michigan laws to mitigate those threats. Contact us today at 989-872-5601 or contact us online to speak with a member of our legal team and to find out more about personalized asset protections solutions. You can also get answers to questions including:
- What is involved in asset protection?
- How can I protect my assets?
- How can a Michigan asset protection lawyer help me?
What is Involved in Asset Protection?
The asset protection process involves taking steps to identify the threats to your wealth and to minimize those threats. Most people focused on asset protection consider not only the ways in which money and property can be lost during their lifetime, but also what will happen after they are gone. Some of the biggest threats most people face to the wealth they have acquired include:
- Losses due to creditor claims
- Losses due to bankruptcy
- Losses due to heirs being irresponsible with money
- Losses due to a court judgment against them or their business
- Losses due to divorce
- Significant expenditures for nursing home costs as they age
- Significant expenses for medical care
- Estate taxes which reduces the value of their estate
They are many different legal tools available under Michigan law that can minimize or even eliminate these risks. When you work with an asset protection lawyer, you can identify the right tools for your particular situation and can make use of those legal tools to keep your wealth secure.
How can You Protect Your Assets?
The steps that you will take to protect your assets are going to be determined based on the risk factors created by your life situation. A business owner faces different risks than a retired senior, but both could be in jeopardy of losing it all if a bad situation arises.
Your attorney will help you to find the specific asset protection strategies that address your biggest potential liabilities. Some of the options include:
- The creation of trusts: Trusts can be beneficial in protecting assets in case you must go into a nursing home, as well as in making sure heirs do not lose assets and in keeping assets beyond the reach of creditors or ex spouses.
- Purchasing enough insurance, including an umbrella policy: Insurance can be beneficial in case of lawsuits. Homeowners insurance, renter’s insurance, auto insurance and other policies with liability protections can ensure that an insurance company pays for your losses if you are sued.
- Incorporating a business: Incorporation can help to ensure personal assets aren’t jeopardized by business decisions. As long as you follow corporate formalities, your potential loss is limited to your investment in the business… if you are incorporated. If you operate as a sole proprietor or partnership, on the other hand, then your personal assets are always at risk due to business problems.
- Investing appropriately: Certain accounts, such as IRAs, receive special legal protections, such as being considered exempt in case of bankruptcy so the accounts do not have to be liquidated to pay debts.
These are just a few of the different asset protection methods that could be used to protect your nest egg. An experienced asset protection lawyer can help those who have worked to acquire assets to make the right choices about how to keep their wealth safe.
How can a Michigan Asset Protection Lawyer Help You?
At Biddinger & Bitzer, PLLC, we provide you with asset protection help at all phases of your wealth-building process, from the time you first start setting aside funds until you have achieved your money goals and beyond.
We will work with you to make effective use of asset protection tools so that you don’t have to worry about losing all you have worked so hard to create. Give us a call at 989-872-5601 or contact us online to find out how we can help to preserve your financial security and protect the assets that should be your legacy long after you are gone.