Yorba Linda Asset Protection Attorney
With over 100 years of combined legal experience, our team is highly qualified to provide legal services for your most difficult family circumstances.
Yorba Linda Asset Protection Lawyer
Your home, savings, investments, and lifestyle are all a product of your hard work. These important aspects of your life are likely precious to you, and losing them would present many difficulties and issues for you and your family. Many people would do anything in their power to protect their life’s work.
Unfortunately, there are many threats to your assets of which you may not be aware. Bankruptcy, legal claims, creditor issues, and other problems can arise and threaten the life that you have built for yourself and your family. These threats are more common than you may realize, and even the most careful person can fall victim to one of these, or other, issues that threaten what they have.
Asset protection is a strong and reliable way to protect your family and your assets. This area of the legal system has been protecting families for many years. With the help of an Orange County estate planning attorney, you can master asset protection and keep your hard-earned money in your family where it belongs.
DeArmey Law: Your Yorba Linda Estate Planning Attorneys and Asset Protection Lawyers
When it comes to asset protection, estate planning plays a large role in keeping your assets safe. Our Yorba Linda asset protection lawyers are highly trained in state and federal laws surrounding both asset protection and estate planning. With over 100 years of combined experience, we are your best resource for protecting your assets and keeping your family safe from financially predatory behavior.
Asset protection planning is a niche area of the law, and not all firms can practice it well. With our experience and resources, we create the best asset protection plans in the area using various resources and tools to develop a plan that is unique to your family. No two asset protection plans are the same, and we aim to make sure that our clients leave with a unique plan that keeps their property safe for future generations.
What Is Asset Protection?
Though asset protection is vital to ensuring the safety of one’s hard work, many people are unfamiliar with this category of law. Fortunately, the overarching concept is very simple.
Your assets include your real estate property, large or expensive items, savings accounts, investments, etc. Essentially, an asset is anything valuable that you own. Asset protection is a practice that helps to protect a family’s assets from being unfairly affected by a legal case, bankruptcy filing, creditor action, or other similar scenarios. There are many different tools and methods within asset protection, and your attorney will help you to determine which options are right for your family.
Unfortunately, assets can be easily affected by a number of factors. Asset protection allows you to avoid any issues and keep your money and property safe.
Why Do I Need an Asset Protection Lawyer?
The laws surrounding personal assets are constantly changing. It is often extremely confusing to navigate these laws, especially without legal training or help. Because of this, many people do not properly protect their assets and leave themselves and their families vulnerable.
An asset protection lawyer helps you to navigate these complicated laws and outlines how they relate to you and your financial situation. Having a personalized approach takes the stress and confusion out of asset laws and helps you properly protect your assets. With the help of an asset protection lawyer, you can develop a unique plan for your assets using the tools necessary to fully defend your life’s work. We have a deep understanding of the different tools and options available to you, ensuring that your asset protection plan is strong and tailored specifically to you.
An asset protection lawyer assesses your situation and identifies any ways you may be vulnerable to legal action. From here, we create lines of defense for your assets that help to eliminate these vulnerabilities and protect your assets for you, your family, and your descendantsafter you.
Asset Protection Tools
As mentioned, there are many different tools and options available to protect your assets. Not all tools are right for everyone. Your asset protection plan should be a unique combination of these tools, tailored to your situation and your goals for your family. We will discuss your situation and goals with you, then help select the asset protection tools that will best defend your assets.
Trusts
Creating a trust is a popular and strong way to defend your assets against potential legal action, creditors, and other threats. When you create a trust, you may also allow your assets to avoid probate court. This keeps some money from being seized by the government upon your death and puts it back into the hands of your loved ones.
If you have significant assets but have not created a trust, this will likely be one of your first steps. Our team is highly versed in creating and maintaining trust documents.
Limited Liability Companies (LLC)
If you own a business, creating an LLC can help to protect your assets in the event that someone tries to sue your company, or the company is attacked by creditors. By creating an LLC, you separate your personal assets from your professional ones. This does not protect you from all situations involving your business’ finances, but it can help to make sure that you are protected from some vulnerable situations that your company may face.
Liability Insurance
Liability insurance helps to mitigate the amount of money you would have to contribute if you face a legal claim. This is also called lawsuit liability insurance in some circumstances. Both homes and businesses can use liability insurance to protect themselves. Just as with regular insurance, it does not eliminate the amount for which you will be responsible, but it does help to minimize it.
Contributions to Retirement Accounts
Certain retirement accounts are protected from certain types of financial liabilities. One way to protect your liquid assets is by putting them in a retirement account. You may have a more difficult time accessing the money if you need it, but it does protect the money from a significant number of situations.
There may be other tools that help you protect your assets and ensure the financial safety of your family. Your DeArmey Law attorney will be able to walk you through your options to determine which tools are best for your unique situation. No two asset protection plans are the same, and it is important to create a plan that is tailored to your needs. All of the asset protection plans from DeArmey Law are custom fit to our client’s changing goals, requirements, and financial situations.
International vs. Domestic Asset Protection
The tools listed above are domestic asset protection options, meaning that your money stays in the country when you use them. However, there are other protection options that involve moving your money to international shores. This adds a significant layer of protection, as it is extremely difficult or even impossible for that money to be accessed by creditors and legal cases.
Many people associate offshore bank accounts and international asset protection with those who are extremely wealthy. This is because many wealthy people understand the efficacy of international asset protection and they frequently use it to protect themselves. However, you do not need to be ultra-wealthy to use international asset protection. Though some people do not qualify, there are a significant number of people who do. You may be surprised to find that international asset protection is an option for many average families.
Your attorney at DeArmey Law can help you to protect your assets with offshore options if the situation is right for you. There are many factors to these cases, and we will discuss every advantage and disadvantage with you. This is just one of many options when it comes to protecting your assets.
Asset Protection and Estate Planning
Many people conflate asset protection with estate planning, which is not an entirely accurate mindset. Estate planning involves creating a plan for what is to happen with your assets when you die whereas asset protection can happen while you are still alive. This distinction is important to make.
Though they are separate concepts, asset protection should absolutely be a part of the estate planning process and your estate planning attorney should have security at the forefront of their mind. If your attorney is not addressing the safety of your assets during estate planning sessions, you and your family may be vulnerable to loopholes or other confusing situations during the probate or administration processes. Be sure to use an estate planning attorney who prioritizes asset protection.
Contact Us at DeArmey Law for Asset Protection Planning Today
Our team prioritizes asset protection in all that we do. We can protect your assets right away, or we can set up a system that protects them after you are gone. No situation is too complicated or intimidating for our team. We are passionate about creating custom asset protection plans for all of our clients and their families.
For more information on how we can help you, contact DeArmey Law online today.
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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.
