Tustin Asset Protection Lawyer
With over 100 years of combined legal experience, our team is highly qualified to provide legal services for your most difficult family circumstances.
Tustin Asset Protection Attorney
DeArmey Law: Tustin’s Top Property Lawyers
What Is Asset Protection?
Different Methods of Protecting Assets in California
California is commonly known for fighting for assets during litigation, with some of the highest divorce rates in the country. Because of this, protecting your assets from possible interference is crucial to avoid any potential issues or them being taken away. Some of the most common methods of asset protection in California include:
Trusts
Many people decide to open private trusts as part of their asset protection plan. Residence trusts, discretionary trusts, irrevocable trusts, and spendthrift trusts are all common methods that are used to protect assets and finances. While each kind of trust works a bit differently, one of the biggest reasons that Californians opt to use them when protecting their assets is because most of them are protected from creditors and potential lawsuits. With irrevocable trusts, for example, once money or assets have been put into them, they are there permanently and cannot be moved again. This keeps them protected from issues such as taxes.
Private Retirement Fund
Creating a private retirement fund is a great way to protect your assets from outside interference. This is because your money is not only protected while it is in the fund, but it is also protected when it is withdrawn. California law provides the ability for all of its residents to create a private retirement fund that allows them to be exempt from any form of “judgment” or bankruptcy if it were to occur. Private retirement plans can be created with your attorney and are unique to you and your situation, allowing you to emphasize what you want to protect and how. The legislation also allows for an unlimited amount of contributions to the private fund.
Homestead Exemptions
While homestead exemptions can be limited, they help to protect a certain amount of your property from taxes and creditors. California is considered only a partial homestead state. Because of this, homeowners can take a certain amount of the equity of their home and have it exempt from creditors and potential lawsuits. By working with an attorney, you can figure out how to exempt a portion that’s right for you.
Why You Need a Tustin Asset Protection Attorney
You shouldn’t have to worry about potentially losing your assets in an unfair legal battle. Here’s how an asset protection lawyer can help you:
Create a Plan Right That’s for You
The most important part of estate planning and protecting your assets is that you have a plan that works best for your situation. Some people go into asset protection matters looking only to protect some private finances, while others may have multiple properties they are trying to protect. Working with an attorney can help to ensure that you figure out the best way possible to protect your assets legally.
Navigate You Through the Legal Processes
When it comes to estate planning and protecting your assets, there are a great deal of matters that must be taken into consideration in addition to the legality of it all. An asset protection attorney will know all the different legislation that provides you with asset protection opportunities while also knowing how to help implement it for you. They can also assist with navigating you through the legal processes that may take place before putting your protection plan into action.
Make Sure Everything Is Done Legally
With their extensive knowledge of the law, an attorney can not only navigate you through the legal processes and create a plan for you, but they’ll also make sure that everything you’re doing is legal. Unfortunately, there are fine lines that can be crossed when trying to protect assets, especially when money is being transferred to different accounts. Your asset protection attorney specializes in this area of the law and can help to enforce all legal parameters and ensure your assets are taken care of properly.
Protect Your Orange County Assets Today With DeArmey Law
Don’t wait until it’s too late to protect your assets. Whether you’re creating a private retirement fund or are looking to transfer funds into a trust, our asset protection attorneys here at DeArmey Law are ready to help. With decades of experience in the world of law and countless cases regarding property ownership and real estate litigation, our attorneys are prepared to protect you. For more information about asset protection in California or our services here in Tustin, reach out to our team.
Tustin Practice Areas
Trusted by the Southern California Community for More Than 40 Years
With over 40 years of combined legal experience, our team is highly qualified to provide legal services for your most difficult family circumstances.
