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info@metroplexwealth.com     817.601.5272

What You Need to Know about Asset Protection

At Metroplex Wealth, we find that new clients have many misconceptions about what asset protection is – and what it isn’t. It’s a complicated topic but Metroplex Wealth – a leader in asset protection in Southlake – is here to shed some light on the subject:

 

What Asset Protection is Not

Let’s start with what asset protection is not. Asset protection is not a form of fraudulent finances. It’s not hiding from your taxes or litigation. It’s not funny accounting. Asset protection is a perfectly legal way of working within the laws to create situations where your money is protected should you face future litigation or other liabilities. Another primary goal of asset protection in Southlake is to give our clients ways in which they can deter litigation or other claims before they every begin.

 

When is Asset Protection Ineffective?

Some form of asset protection is a must for all of our clients, but it is completely ineffective if you are already facing pending litigation, being audited, or there is any hint of an issue on the horizon. These issues could include bankruptcy, lawsuits, inquiries into your taxes, etc. At this point, asset protection strategies cannot help as they can be seen to obstruct justice.

 

Areas of Asset Protection

By now you may be wondering, “so how can asset protection strategies help me?” Asset protection in Southlake effects everyone. In fact, you could even think about your basic liability insurances on your properties, vehicles, etc. as a form of asset protection. Other areas we often recommend for clients include:

 

  • Trusts: Protect assets you’d like to leave to your heirs through a formal trust
  • 401(k) Plans: 401(k) and 403(b) plans offer protection of your assets from pending creditors.
  • Gifting: One way to protect your money is to go ahead and gift it to charities of your choice or the heirs you would eventually leave it to anyway.
  • Family Limited Partnerships: These FLPs provide a safety net for your assets through a partnership.

 

Metroplex Wealth: The Best of Financial Planning and Legal Expertise

When looking at firms who offer asset protection in Southlake, it’s important to consider all the services offered. Metroplex Wealth has the district advantage of sharing our office with the legal office of Redding Law Firm. Having an attorney here at our wealth management office offers you the distinct advantage of having everything you need in one place. No need to send paper trails back and forth between your financial advisor and lawyer; we can handle everything in-house. Need to talk with someone personally about your situation? Our boutique financial planning office guarantees a personal, hands-on approach to each client.

Ready to learn more about asset protection and how it can benefit you? Give us a call today at Metroplex Wealth in Southlake, Texas.

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