“The Shocking Truth About Asset Protection Planning”

There are many universal truths to understand about asset protection.

Asset protection is a popular and completely legal way of protecting your wealth from any claims or threats of claims. However, the state in which your wealth is currently in may have implications on the types of asset protection you can use, and can even impact an attorney’s decision to take you on as a client.

As an attorney, when it comes to wealth management, one must be on the look out for several red flags. In the related article linked to this point, here are the the ones they listed:

1. The client is about to be, or has already been, sued.
2. The client is about to, or has already, filed for bankruptcy.
3. The client is delinquent in reporting and/or paying taxes.
4. The client is being audited by a taxing authority.
5. The client is directly or indirectly liable for any loans.
6. The client is solvent and will remain solvent after any property transfers.

Thus, with this in mind, the importance of getting a head start on asset protection becomes clear. The best way to avoid all of the above problems is to make sure your assets are protected as soon as possible, regardless of how much or little of them there may be.

Danna & Associates, PC has specialized in Estate Planning since our origin in 1994, effectively leaving us with over 2 decades of experience in the field. For an attorney that can help you create the best asset protection plan for you, call 718.273.0300 for your free consultation today!

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