Threats to your assets can come from a wide variety of potential predators: future creditors and unnecessary taxes. Danna & Associates offers a skilled asset protection attorney to help protect your assets.
Asset Protection Attorney
To best protect your future self and assets, it’s imperative that you act now. Taking action now means you will be able to develop the best plan possible to preserve your wealth. The skilled asset protection attorney at Danna and Associates, PC recognizes that people want to leave a legacy for their loved ones. We will work with you to determine your current holdings and identify the best way to protect those assets. Below are just a few of the ways we can ensure that your assets will be available when you need them:
Look into a personal umbrella liability policy that will cover you in most situations that may happen. Umbrella coverage provides extra liability insurance to cover injuries, damage to property, lawsuits, and other personal liability situations. Make sure that you purchase enough, at least equal to your net worth. A call to the insurance agent who handles your homeowner’s insurance policy should be the first step.
Take a look at any jointly-held accounts you might have. Remember, the money you deposit into a joint account with your kids, senior parents, or business partner is at risk. How? Should a joint owner later become divorced, have a tax problem, or be on the losing end of a lawsuit, then your money in the joint account will be at risk. Accordingly, if you truly must have a joint account (e.g., so your responsible adult child will have access to funds for your funeral), then try to maintain the lowest account balance possible. The same advice applies to any type of asset you may own, including your home.
When you operate a business venture as a formal or informal partnership, you are responsible for the actions of your partner. So, you may want to consider creating a Limited Liability Company (LLC) or corporation. This can help give you a greater degree of legal protection from your business activities.
Create a business entity-period. With small businesses, like a sole proprietorship, all personal assets are at risk when involved in a lawsuit. You may want to consider transitioning your business activities into a more formal entity, such as an LLC or a corporation. This helps limit the business risks to the business itself. This move can also shield your personal assets.