An important aspect of wealth management is asset protection. In a world where lawsuits happen everyday – over the most flippant of reasons – you must ensure that your wealth is secure and well insulated from creditors and lawsuits. This is where asset protection near me comes into play.
Our team at Metroplex Wealth specializes in protecting your assets for future generations. We don’t do it by lying or hiding your wealth; we use the law to our advantage to create a specialized solution that works for you and keeps your money safe. Here are 5 asset protection strategies we recommend that really work:
Have a Plan Now
Here’s the thing: when you realize you need an asset protection strategy, it might be too late. Moving money around near the date of litigation can be misconstrued as a fraudulent transfer and may get you in more legal trouble. Instead, plan now and assume that litigation could happen to you. Take the proper steps now to protect your assets.
Use Retirement Plans to Your Advantage
Retirement plans are a great place to diversity wealth and protect it from creditors and litigation. 401K plans and 403B plans are exempt from creditors until assets are distributed, making them a great form of asset protection near me. IRAs are also somewhat shielded from creditor liabilities, but don’t hold the same restrictions as other retirement accounts.
Gift the Money to Family or Charities
Here’s an easy one: give it away. If you anticipate giving your assets to your children eventually anyway, you may consider diversitying your estate plan and providing asset protection through gifting today. Your favorite charity could also benefit from your generosity.
Know Your Insurances
Insurance is very important, but it’s not the end-all-be-all when it comes to asset protection near me. Know the policies you have, what they cover, and what they don’t. Consider an umbrella policy to cover you for unexpected liabilities. Using insurance in conjunction with other estate planning technques can be a great way to protect your assets.
Keep Your Personal and Business Finances Separate
There needs to be a clear delination between personal assets and business expenses or you risk a creditor going after both! There are different vessels where you can protect money on both sides: trusts, LLCs, FLPs, etc. Talk with your estate planning attorney about what avenues best fit your needs for asset protection in Southlake.
If you are looking for someone to step in and help you protect your assets, then give us a call at Metroplex Wealth in Southlake, Texas. Our team specializes in asset protection, and we do not believe in “one size fits all” solutions. We tailor our approach to each client, creating a plan that’s best for you and your money. Call us today to set up a consultation.