Asset Protection Keeps Money Safe From Lawsuits

12:57 pm Uncategorized

money chained1 Asset Protection Keeps Money Safe From LawsuitsWhile there are many options in trusts that will help protect your money, your money may already have a good degree of protection, depending on where it is and the manner in which it is kept. Before making any decisions about where you want your liquid assets to go, discuss your options with an Orange County asset protection lawyer.

In many cases, a great percentage of a person’s liquid assets may be held in a 401(k), Roth IRA, IRA, or other type of deferred compensation or retirement plan. Many of these plans will keep your assets safe in the event of a lawsuit, but again, the only way to be 100 percent sure of this is to discuss the parameters of the plan with an asset protection attorney.

While deferred compensation and retirement plans may keep your money safe in certain situations, laws change, and you must have a firewall to protect what is rightfully yours. That’s why you must have proper liability and/or malpractice insurance, depending on your profession. Protecting your liquid and hard assets with liability insurance is a way to create some peace of mind. Keeping your money in retirement funds will create more peace of mind.

To cover all your bases, talk to an Orange County estate planning lawyer about the options you have for creating trusts for your retirement plan(s), your home, and the various soft and hard assets you use to run your business. Separating assets by way of trusts or by including them in different LLCs, you can avoid a lawsuit against your whole estate or whole worth.

Whether it’s retirement plans or liability insurance, trusts, or a combination thereof, having a highly experienced lawyer to review your assets and tailor a plan to meet your specific estate planning needs will provide peace of mind.

Help is available to you by contacting your Southern California financial planning experts today.

Leave a Comment

Your comment

You can use these tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Please note: Comment moderation is enabled and may delay your comment. There is no need to resubmit your comment.