Asset Protection is the practice of using various techniques to protect assets from potential creditors. Huntersville business owners and professionals with a high risk of liability, such as doctors, tend to be among those most interested in asset protection planning, but anyone with assets worth protecting should consider strategies to make their assets as safe against creditors as possible.
Asset protection usually involves using one or more of the following techniques:
- Business entities, such as Corporations and LLCs
- Irrevocable Trusts, including Foreign and/or Domestic Asset Protection Trusts (DAPTs)
- Tenancy by the Entirety, aka Entireties Property
- Liability Insurance
These techniques allow clients to maximize the protection of their assets from all kinds of creditors, including judgment creditors related to business or professional liability, contractual creditors, and potential future spouses. When implemented correctly, these strategies can protect your pesonal assets from all business-related creditors and may even protect some assets from your personal creditors.
You have worked long and hard to get where you are. Now it is time to invest in protecting your legacy.
Give The Law Offices of J. Edgar Halstead, III, PLLC a call today at (704) 464-1088 to speak to a Huntersville, NC Asset Protection Attorney.