What An Asset Protection Attorney Does?

“I don’t need a lawyer,” you might say to yourself, “Who would care if I had an asset protection plan? It’s just my partner and me, and we don’t own much real estate.” That may be true, but just because you don’t own much property doesn’t mean that you shouldn’t care about protecting it.

No matter how much property you own or how big it is, you might want someone to review your current financial situation and help you set up a plan that works for you. The tricky part is finding one who specializes in asset protection.

Whether it’s protecting property from lawsuits or setting up trusts so that when one spouse dies, the assets won’t go through probate, an asset protection attorney can help you with it all. Someone who understands the ins and outs of the laws in your area can write documents explicitly tailored to your needs.

What is an asset protection attorney?

Asset protection attorneys come from various backgrounds, but they all have certain things in common. They are at least one of the following: a certified public accountant, a member of the American Bar Association, or licensed to practice law in their state. In addition to these general requirements, some states require that attorneys specialize in creditor exemption laws before advertising themselves as asset protection specialists.

What do asset protection attorneys do?

When these attorneys design a plan for you, they consider your current situation and future goals. They review the documents in your existing estate planning to ensure no flaws or loopholes that potential plaintiffs can exploit. Then, they take it a step further and create asset protection trusts tailored to your specific needs.

When these lawyers draft a plan, they look for the following factors: creditor exemptions laws, net operation losses, the parties involved, and assets protection thresholds in your state. They must also draft a complete assets protection plan. This plan includes a prenuptial agreement, a revocable living trust, healthcare documents, and a will. Some marital agreements must be in the draft to protect both spouses’ assets. If the client is incapacitated or unable to make decisions, the attorney should include durable financial power. But, the work doesn’t stop there.

For example, the hassle of going through your spouse’s will while dealing with mourning can be almost unbearable, so it’s wise to have asset protection available. Before asset protection attorneys draft new documents, they consider how each asset will be divided among heirs and if any trusts make more sense to use. These professionals can review all contracts in an emergency and do the necessary updates.

Attorneys can also review contracts between spouses before they get married, so the assets are preserved in the event of dissolution rather than passing through probate. When one spouse dies, their partner doesn’t have to go through the lengthy process of updating their will just because something changed with their finances. Thus, asset protection does not have to be solely protected from lawsuits.

What to look for in an asset protection attorney

If you are looking for an asset protection attorney, choosing one with experience in creditor exemption laws, asset protection trusts, and estate planning is crucial. If you wish to have more children or change how your assets are divided upon death or divorce, these asset protection attorneys can help you prepare by drafting new documents tailored to your situation.

Do you need assistance with asset protection and estate planning? The best asset protection attorneys have experience helping clients set up asset protection trusts tailored to their specific needs. Look for attorneys specializing in creditor exemptions laws, protection trust, probate avoidance plans, estate planning, and healthcare. They should have at least one of the following backgrounds: Certified Public Accountant (CPA), member of the American Bar Association (ABA), or licensed to practice law in your state.

Where you can find an asset protection attorney

Asset protection law is a subcategory of creditor exemption laws in most states. There are thousands of asset protection attorneys across the county. Because asset protection attorneys specialize in one area, you must look for them based on what they specialize in.

You can search online to find these attorneys near you by typing your city, state, and asset protection to get a list of lawyers in your area. You can also ask friends, family, and colleagues to get referrals if they know anyone specializing in asset protection.

Remember that asset protection laws vary from state to state. Some asset protection attorneys specialize in one type of asset protection plan. They may offer specific asset protection trusts to fit your needs. For example, attorneys in Florida are known for their trust preparation services. They use this asset protection plan developed under that state’s laws.

Conclusion

When asset protection laws are in place, your assets will be safe from creditors and bankruptcy. Family members won’t have to fight over who gets what after one spouse dies or a divorce. Preparing an asset protection plan is crucial to protect all your life’s hard work.

If you are looking for an asset protection attorney in Hollywood, we’ve got you covered! The OC Estate Lawyers can cover any necessity you require to keep your assets in line.