Charlotte Asset Protection Lawyers
One of the main goals of estate planning is asset protection. When you create a thorough estate plan, you can protect your assets from creditors and certain lawsuits against you. Many people assume that if they are not extremely wealthy, they do not need to engage in asset protection, but nothing could be further from the truth. You do not need to be wealthy to benefit from asset protection. The best way to protect your assets is to hire an estate planning lawyer who will create a thorough estate plan for you based on your individual needs and goals. At Arnold & Smith, PLLC, we will work with you to create a successful estate plan.What Do Asset Protection Lawyers Do?
Asset protection lawyers typically focus their legal practices on estate planning and elder law. It is important that you hire a lawyer who understands the details of North Carolina law and who has an understanding of the many asset protection techniques that will benefit your situation. Asset protection lawyers can use a variety of legal means to protect your assets from potential creditors while you are alive, as well as after you pass away.Now is The Best Time to Protect Your Assets
If someone has brought a lawsuit against you, you may be prohibited from engaging in certain estate planning activities. Thus, the best time to engage in asset protection is now. Once a lawsuit has begun, it can be difficult to transfer your assets into a trust. Even if you are able to transfer your money into a trust, it may not be fully protected if the legal process has already started. The best time to protect your assets is now before your assets are already in jeopardy. It does not matter how wealthy you are or your age. You never know when something could happen that could risk your financial future. Taking the time to protect your assets now will pay off in the long run.What to Consider When Hiring an Asset Protection Lawyer
If you Google ‘Charlotte asset protection lawyer,’ you will see many results. How should you go about hiring the right lawyer for your unique needs? The first step is to find estate planning lawyers with knowledge of North Carolina’s complex estate planning laws and regulations. During your initial interview, ask about a potential lawyer’s experience and knowledge of North Carolina estate planning practices. Ask what types of professional legal organizations your potential attorney belongs to and which type of cases they generally accept. Your potential lawyer should have estate planning experience and focus a significant part of their practice on estate planning issues.Asset Protection Tools
How will an estate planning lawyer go about protecting your assets? There are many different tools that asset protection lawyers can use to protect their clients’ assets. The most basic estate planning document is the will, a legal document stating how you would like your property to be distributed after you pass away.
Instead of, or in addition to a will, many people have chosen to transfer their assets into a trust. After you create a trust, you can transfer your assets into that trust. Depending on the type of trust, your assets can be protected from the probate court, creditors, and damage awards against you. However, trust assets can still be touched by certain types of claims, so it is important to discuss your asset protection goals with an attorney.
Another useful asset protection tool for people who own a business is the limited liability company (LLC). Your lawyer may help you create a LLC, which is a type of legal structure for your business that protects your personal assets. In other words, if someone brings a lawsuit against your business, they will generally not be able to access your personal money and property if they succeed in a lawsuit. There are also tax benefits that come with creating an LLC.
After you hire an estate planning lawyer, your lawyer will become familiar with your financial situation. They will ask you to provide financial documents so they can get an overall picture of your finances. Once they understand your financial situation and your goals, they can develop a comprehensive estate plan for you. Many estate plans include several different documents, including a trust or a limited liability partnership or limited liability company. Your estate plan’s exact nature will depend on your unique situation, but the goal of asset protection applies across the board.Contact Our Asset Protection Lawyers Today
If you are interested in creating an estate plan or ensuring that your assets are protected, we can help. Contact Arnold & Smith, PLLC today to schedule your initial consultation at the Charlotte, Mooresville, or Monroe offices.