The accumulated wealth of an individual or family can be lost almost overnight through lawsuits, bankruptcies, and financial downturns. By implementing effective risk management strategies, an asset protection attorney can help shield assets that have been spent decades in the building can be shielded from these kinds of man-made disasters. This includes separating personal from business assets through legal entities, such as limited liability corporations and family limited partnerships (FLPs), protecting retirement accounts with homestead exemption laws, and structuring life insurance proceeds to stay outside the reach of creditors.
Our team of experienced asset protection attorney in Houston is skilled in implementing these and other protective measures for our clients. Our lawyers can evaluate your unique circumstances, goals, and risks to provide tailored advice. Additionally, we can draft and implement estate planning tools, including trusts, to serve as safeguards against claims from creditors or litigation. If you're seeking guidance on preserving your wealth, our asset protection attorney team is here to assist you.
Assets such as real property, valuable artwork, collectibles, personal vehicles, and even cash can be legally protected by the expertise of an asset protection attorney. Careful titling, incorporating them into irrevocable trusts, and taking advantage of state and federal legal exemptions for assets, such as the Texas homestead exemption that safeguards a family’s primary residence from forced sale to pay debts up to a certain value, are among the strategies an asset protection attorney can employ. Investment accounts and bank accounts, such as IRAs and 401(k)s, are also generally safeguarded to a degree from lawsuits and bankruptcy proceedings by the use of legal entities and the titling of assets.
In addition to shielding assets from the reach of creditors, an effective asset protection attorney can minimize the impact of a divorce on spouses and children. This is especially true in Texas, which has robust laws to protect the rights of its residents when it comes to dividing community property and shared assets. By implementing an asset protection plan before a lawsuit or divorce, our experienced attorneys can help ensure that the assets you have worked so hard to build are not subjected to judgments and other losses.
An aging family member may require long-term care services, and our asset protection attorney can work with you to set up trusts that will ensure the protection of their accumulated wealth so they can continue receiving the level of care they deserve. We can also create a plan to prevent your loved one from giving their assets to scam artists or spending them on sweepstakes and unreasonable purchases, preserving their accumulated wealth for the benefit of their family.
Contact our firm to learn more about how our team of dedicated estate planning and asset protection attorney can assist you. We offer a free initial consultation and are available to answer your questions throughout the week. We look forward to hearing from you!
While no one likes to think lightning will strike them, wealth created through years of hard work can disappear overnight. This is especially true for professionals and business owners, whose personal assets can be at risk due to the nature of their employment. A proactive asset protection attorney strategy can help shield these valuable assets from the claims of creditors and lawsuits. Our Houston asset protection attorneys are dedicated to helping clients safeguard their personal and professional assets, ensuring that they and their heirs can enjoy the fruits of their labor.
Litigants and aggressive creditors can wreak havoc on individuals, businesses, and families alike. Whether from disgruntled customers of a business owner, a car accident involving a physician, or a claim against an estate by a family member, lawsuits and judgments can quickly destroy hard-earned assets and ruin lives. Regardless of the type of assets in question, our firm, with the expertise of an asset protection attorney, can help protect them through legal structures such as trusts, limited liability entities, and homestead exemptions. Safeguarding your assets is our top priority.
We will conduct a thorough evaluation of your assets with the expertise of an asset protection attorney and determine the most appropriate legal structures to use for each. While there are no fail-safe guarantees that any asset can remain protected indefinitely, our goal is to make it as difficult as possible for someone else to attach your property and liquidate the assets to pay off your debts. Your financial security is our priority.
Trusts: Irrevocable trusts and spendthrift trusts can help shield assets with the guidance of an experienced asset protection attorney by removing them from your direct control. We can also establish limited liability entities, such as LLCs or family limited partnerships (FLPs), to separate your personal assets from any liabilities incurred through business or investment activities. Furthermore, we can even safeguard retirement accounts by establishing ERISA-covered trusts and utilizing the protections available under Texas law. Your financial peace of mind is our priority.
Homestead Exemptions: We can ensure that your primary residence remains fully protected from creditor claims and forced sale by leveraging Texas’s unique asset protection attorney homestead exemptions. Our lawyers can also assist with protecting other valuable personal property such as financial accounts, vehicles, and investments through proper titling and insurance coverage.
When all other strategies have failed, filing for bankruptcy can offer some protection from creditors. Our asset protection attorney can assist you in determining which of your assets are protected under federal and state bankruptcy exemptions. We will then develop a plan to safeguard these assets in order to prevent them from being seized by a trustee and liquidated to pay your debts.
Contact us today to learn more about our legal services and how we can assist you with your estate planning goals. Our team of experienced and trusted asset protection attorney will provide you with the guidance you need to protect your hard-earned assets.
If you've accumulated substantial assets or work in a high-risk professional arena, you need to protect those hard-earned assets with the help of an asset protection attorney. A lawsuit, bankruptcy filing, or unforeseen circumstances can quickly diminish your net worth. While total asset protection isn't possible, there are legal strategies that can make it much more difficult for someone to gain access to your personal or business assets. The best time to establish these vehicles and structures is before you are exposed to a legal challenge.
The Houston asset protection attorney at The Law Office of Whitney L. Thompson, PLLC are skilled at utilizing legal vehicles that will allow you to legally safeguard your personal and business property. We will review your entire situation, identify all of your assets, and then create an asset protection plan geared toward your specific goals. Some of our most popular strategies include:
Asset Exemptions
While it is impossible to completely shield your assets from creditor claims, it is very important that you take every precaution available. Your asset protection attorney will work to exempt your most valuable assets, such as real estate and cash, from the claims of creditors. This is one of the most effective and simple ways to protect your assets.
Limiting Liability with Legal Entities
Our firm is well-versed in a variety of business entity structuring techniques, including LLC asset protection, Corporation asset protection, and Limited Partnership asset protection. When you work with an experienced asset protection attorney, these structures will compartmentalize your assets into multiple entities, preventing creditors from gaining easy access to your most valued possessions. We can also assist with public record anonymity and homestead exemptions, allowing you to further protect your assets.
Retaining the Value of Your Insurance Policies
Purchasing appropriate insurance policies is an excellent and very affordable asset protection strategy. Nevertheless, many busy professionals and business owners fail to adequately review their insurance policies on a regular basis. A skilled asset protection attorney can help you assess your current insurance coverage and recommend any necessary changes.
Transferring Risk Through Irrevocable Trusts
Often, it is necessary to transfer the ownership of certain assets, such as life insurance payouts or real estate, to a trusted trustee in order to keep them off-limits from your creditors. The asset protection attorney at our firm are experienced in the creation of irrevocable trusts that can protect the proceeds from your personal and business assets, even after your death.
If you need an Asset Protection Attorney in Houston, Texas, please call us for a consultation. We are happy to answer all of your questions and address any concerns you may have.
Our team is prepared to discuss your unique circumstances and objectives with you in a private, confidential consultation. Please contact our office by phone or email to schedule a time that works for you.
The Law Office of Whitney L. Thompson, PLLC
4201 Farm to Market 1960 Rd W Suite 219, Box #116B, Houston, TX 77068, United States
(281) 214-0173