Asset Prevention Planning

Asset preservation planning is a set of strategies developed to protect one’s assets from lawsuits and creditor claims. These strategies help prevent creditors from coming after your assets in order to settle a debt. These strategies can also help prevent loses in the event of downturn in the market. There are numerous options for preserving your assets which we will discuss with you in detail. Our strategy development involves reviewing your assets, risks, and financial goals. We then develop your plan to reduce risk and create any necessary barriers between you and creditors. This can typically be done by establishing structures such as trusts 1.

We understand that you have worked hard to build a nest egg and keeping your assets safe will ensure your long-term financial health. We work closely with our clients to minimize risk and create a safe place to maintain your financial security. We encourage our clients to contact us prior to a lawsuit; however, we are prepared to work with you in any situation you find yourself in 2.

It is important to keep your assets away from creditors. Not everyone can move their money overseas, here are some asset preservation planning options:

  • Fully insure your assets
  • Move your assets to an Irrevocable Trust
  • Re-title your assets
  • Set up LLC’s (Limited Liability Companies)
  • Set up Family Limited Partnerships3

Trying to decide if you have a case? Please feel free to call and ask for any of our attorneys. If after hours, please submit our online contact form.

Labrie, Pouliot, LaRocque & Guiel, P.C. handles asset preservation planning in Hampden and Hampshire County MA, including Chicopee, Holyoke, and Springfield MA.

Sources:

  1. https://www.investopedia.com/terms/a/asset-protection.asp
  2. https://www.thebalance.com/what-is-asset-protection-3505066
  3. http://www.scottbloomlaw.com/practice-areas/asset-preservation/