Asset Protection
Asset protection is an important consideration in any estate plan or business plan. Generally, asset protection planning involves arranging your affairs so that your assets are protected from unnecessary risks and potential creditor claims.
In Estate Planning, there are many things you can do to protect yourself and your loved ones from unnecessary liabilities. Some important planning strategies include:
Similarly, in Business Planning, there are a number of things that you can do to protect the business itself as well as the owners of the business from unnecessary liabilities. Some important strategies include:
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Statutory Protections
Some assets receive special treatment under applicable state laws. For example, a person’s home, retirement accounts, and life insurance receive a certain level of protection under both state law and federal law. Sometimes a poorly-designed asset protection plan can actually undermine the protection afforded under these laws. A well-designed asset protection plan, on the other hand, will incorporate and/pr supplement these statutory protections.
Regardless of your specific circumstances, you should consult an experienced Arizona asset protection attorney before implementing any specific plan. To set up a consultation with one of our Mesa asset protection lawyers, contact us.
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