Florida Asset Protection Explained
Fort Myers Asset Protection Planning
An asset protection plan is a mixture of estate planning, business planning, pre-inheritance planning, and estate and gift tax planning, and is created in order to protect your assets against lawsuits, creditors, probate, and the IRS. It is designed to safeguard your estate and finances from external liabilities and creditors. Effective asset protection plans have many layers of protection, so that if a creditor or lawyer permeates one level, they do not ruin a family’s entire estate and assets. Each asset protection plan we create for our clients is personalized for their individual and family requirements. When constructing a plan, our attorneys will devise alternatives to differentiate your liability, while keeping you in as much control of your assets as possible. If you are interested in learning more about Florida asset protection, please contact a Fort Myers lawyer from our firm.
What if I don’t protect my assets?
If you happen to get sued for something, and your assets are not protected, they may be taken by the person who initiated and won the lawsuit against you. Florida asset protection takes assets that can be taken by creditors, or nonexempt assets, and turned into exempt assets, which cannot be touched by creditors and their claims. If you are already in any stage of a lawsuit, it is too late to create an asset protection plan. Every state has laws that protect a creditor against a person who transfers their assets with the intention of hindering, delaying, or defrauding the creditor. If you do attempt to protect your assets while a lawsuit is being filed against you, the court may reverse the transfers. An asset plan must be completed as soon as possible, and it must contain short and long term financial goals, as well as estate planning goals.
How a Fort Myers Lawyer Can Help
There are many different types of asset protection plans, and you may not know which type is right for you and your assets. For example, there is domestic asset protection, which is commonly in the form of trusts, and offshore asset protection. For those interested in Florida asset protection and asset protection laws, we have the ability to help and offer legal advice. Please contact The Dorcey Law Firm, PLC, if you are interested in protecting your assets from creditors.