ASSET PROTECTION LAWYER
In California, asset protection is an important aspect of estate planning. People have become increasingly apprehensive about losing their possessions as our society has gotten more hostile. Divorce, litigation, and creditor claims can all result in loss of assets. Asset protection planning aids in conserving your wealth by reorganizing your assets in such a way that the risk of loss in future litigation is reduced. With the assistance of our asset protection lawyer in Beverly Hills, CA from Inter Vivos, PLLC, you can rest assured that your assets are secured. The sooner you start protecting your assets, the better. In this post, we will discuss the importance of asset protection in the modern world.
California Asset Protection
Due to its laws and tax structure, California has long been regarded as a favorable state for establishing an estate plan and preserving assets. Asset protection is an important part of estate planning, and refers to legal techniques intended to safeguard property from scenarios such as divorce, lawsuits, creditors, or long-term care. These occurrences are frequently unanticipated and can have severe financial ramifications. California’s asset protection laws, on the other hand, pale in contrast to those of other states, such as Nevada.
There are several ways to protect your property, but there isn’t a single solution for every scenario. For example, Limited Partnerships, Family Limited Partnerships, LLCs, and certain types of trusts, such as the Beneficiary Defective Inheritor’s Trust or the Domestic Asset Protection Trust, are all prevalent asset protection strategies. Discussing your goals with a Beverly Hills, CA asset protection lawyer is the best approach in establishing the appropriate type of asset protection for you.
Benefits of Asset Protection
Unexpected events occur much too frequently in life, and they may have a significant influence on your current and future financial stability. Asset protection can be beneficial in the following situations:
- Creditors’ or former business partners’ lawsuits
- Injuries or negligence claims that exceed your insurance coverage
- Collection Lawsuits
- Medical expenses
- At the time of death, assets are distributed promptly
Asset Exemption in California
Some of your assets are excluded from creditors’ claims under state and federal laws. While other states enable you to select between state and federal exemptions, you can utilize the state exemptions in California. There are no federal bankruptcy exemptions.
Once you’ve determined which asset classes are covered under applicable law, you may seek to convert non-exempt assets to exempt assets to increase your protection.
Obtaining proper insurance coverage
Insurance plans are always a worry when it comes to defending your assets from the potential of a lawsuit. While it’s crucial to have the correct amount of coverage for your business, it’s also critical to have the automobile and homeowner’s insurance you need to protect yourself from losses that might result from litigation.
Contact an asset protection lawyer before you do anything
You must contact our asset protection attorney to preserve your assets. We frequently work with different types of clients, including those who have transferred a house or other financial asset in reaction to or in anticipation of having to pay for long-term care for themselves or a spouse. Consult an asset protection lawyer in Beverly Hills, California from Inter Vivos, PLLC before taking action, to ensure you are taking the proper steps to safeguard your assets.