Fortunes don’t build themselves. To reach a level of financial stability requires a lot of time and effort, work that should not go to waste by handing your earnings over to a creditor or lawyer. To avoid losing out on what you’d worked so hard to attain, proper precautions should be in place to protect your assets from seizure from creditors and other judgments against you. This is referred to as asset protection, and with the help of an experienced asset protection lawyer, you can ensure your assets stay where they belong, with you.
When Would Asset Protection Help Me?
Many are unsure about what exactly asset protection is, or assume it strictly applies to prenuptial agreements. While it is true that an asset protection plan will help you retain your hard-earned money through a divorce and during a marriage, it also applies to reducing personal liabilities in business and your overall finances.
In the case that you are in an accident or are responsible for damages, any assets that are unprotected are touchable by the judgment collector. By protecting them, you are able to make it more difficult for them to acquire your property, increasing the odds of a favorable outcome when it comes to the actual judgment.
When Is the Best Time to Create an Asset Protection Plan?
As soon as possible! Asset protection is a long-term financial safeguard, and cannot be used as a quick-fix for pending or impending lawsuits. In order to ensure your assets are exempt from collections, especially in Florida, you need to ensure that proper precautions are in place before any major financial or legal decisions are made, such as a marriage or buying a home with a partner.
Ronald A. Luzim P.A. is a leading family and asset protection lawyer in Florida, and a former estate and tax attorney with the IRS. With over 35 years of experience in the legal field, Ron has refined his skills to offer effective legal consultation with a holistic approach to law. He understands that business and family matters can often overlap, offering effective solutions that allow you to reach the optimal results for your specific situation.