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Why You Need to Protect Your Assets

August 17, 2020 Asset Protection

As the saying goes, an ounce of protection is worth a pound of cure. You have worked hard to build what you have, and whether you are wealthy or of more modest means, your assets deserve protection. Asset protection planning is a way to guard against the unexpected, protecting your most valuable assets from creditors or simply being exhausted by unplanned-for expenses. A Palm Beach County asset protection attorney can help you develop a plan for protecting those things that are most valuable to you. Investing in asset protection now is a small price to pay for peace of mind going forward. 

Creditors Can Attach Your Assets

You most likely obtained your most valuable assets when things were going well. Most people do not want to think about it, but things can go wrong – your business can fail, or you may experience a prolonged illness that leaves you unable to work. If you cannot pay your bills, creditors could take any unprotected assets you have in satisfaction of your debts. 

Timing is Important

Many people learn the importance of asset protection planning only once it is too late. Transferring assets to a trust, a friend, or a relative can be subject to scrutiny by a court or other entity if you are trying to protect your assets from creditors. Attempting to transfer your assets prior to filing for bankruptcy or Medicaid, for example, can wind up being ineffective if you are not aware of the various timelines involved. 

Keeping Your Business and Personal Affairs Separate

If you own and operate a business, sound asset protection planning is essential to protect against challenges that your business may face. An experienced asset protection planning attorney can make sure that your personal assets are not at risk if your business should fail or have to file for bankruptcy protection. The attorney can also help you protect core business assets that you will need to survive unexpected economic downturns. 

Maximize Value and Minimize Taxes

When it comes to investments and other growth vehicles, one of the main goals of asset protection planning is to make sure that they reach their full potential. This should include a constant reevaluation of your options to ensure that you are reaching your short-term and long-term goals. Tax planning is also an important component of asset protection planning to ensure that the taxes are not unnecessarily depleting the current or future value of your assets.  

This is a Sophisticated Area of the Law

An effective asset protection plan requires extensive knowledge of several complicated areas of the law. You also need to understand what options are available and how they work. To further complicate matters, the laws and financial markets are in a constant state of flux, which means that your plan should be routinely updated.   

Call a Palm Beach County Asset Protection Attorney to Discuss Your Needs

The asset protection attorneys at Comiter, Singer, Baseman & Braun provide innovative, fully-personalized guidance to people in Palm Beach County and across the state of Florida. To schedule a consultation, contact us online or call us today at 561-626-2101 or toll-free at 800-226-1484 to discuss how we can help you protect your most valuable assets.

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