Southern California Asset Protection Lawyer

Safeguarding Our Client’s Interests Through Custom Asset Protection Strategies

When individuals hear the term “asset protection,” they automatically think of business entities or those with a great deal of wealth or personal property. However, in today’s economic climate, asset protection strategies are more crucial than ever before.

Asset protection planning is a valuable legal resource that can help you protect your assets against potential litigation. Asset protection can benefit small business owners and those who wish to protect their property for future generations.

Additionally, California has strict laws regarding asset protection that can confuse those unfamiliar with state law. For these reasons, individuals who wish to know more should always consult with experienced asset protection attorneys who can advise them of their rights and determine what legal strategies suit their needs.

Element Law Firm, PC has vast experience in creating custom-tailored asset protection strategies and would be honored to help you have peace of mind knowing your future is protected. Contact our law office immediately to learn how you can schedule a complimentary call with our highly trained attorney to discuss your case.

What are the Advantages of Asset Protection Planning?

Asset protection planning is as crucial to a family as any other financial plan. One of the easiest ways to ensure that property and other financial resources are protected for future generations is to work with an asset protection attorney who can advise you of legally sound strategies based on your needs.

For example, if you have a great deal of assets and are contemplating marriage, you need to consider how to protect assets should there be a divorce. Some common strategies in divorce protection include signing a prenuptial agreement that addresses asset protection issues such as spousal support or property division.

Additionally, small business owners must engage in asset protection planning to ensure their business assets are sheltered from creditors. In other instances, disgruntled former business partners may try to file a lawsuit alleging fraud or misconduct.

Regardless of your circumstances, you must have an asset protection strategy to provide you and your family peace of mind, knowing your real property and financial resources are safe. Element Law Firm, PC of Southern California, can explain the numerous advantages of asset protection planning and how we can help.

What are the Most Common Asset Protection Strategies?

Several asset protection strategies in California will vary depending on your circumstances. If you are concerned about protecting your interests, the first step is to meet with a knowledgeable attorney who can review your asset protection needs.

Some common California asset protection strategies include:

  • Irrevocable trusts: An estate planning tool that allows the grantor to distribute assets to beneficiaries after they pass away. Since all the assets in the trust are no longer considered under the grantor’s control, they are protected from creditors. Additionally, a trust can help shield assets from a beneficiary’s creditors.
  • Family limited partnerships: In most cases, family limited partnerships (FLP) are formed by married couples with significant assets obtained from a family business or real estate holdings they wish to shield from creditors. The assets are transferred into the FLP, and the couple considered the original partners, may transfer limited partnership interests to their children.
  • Business succession planning: Business succession planning can help individuals protect and preserve their business assets for the next generation.
  • Limited liability companies: For business owners, limited liability companies can separate business and personal assets to ensure that individual financial resources are protected from creditors.

When Should I Consider Creating an Asset Protection Plan?

Unlike estate planning, which can be completed until an individual passes away, asset protection planning is time-sensitive. Unfortunately, in many cases, individuals wait until their assets are under threat of being seized by creditors to try and create a viable plan that will protect their money and property.

However, California laws prohibit individuals from trying to transfer assets after filing bankruptcy to keep them away from creditors. Similarly, in a divorce action, spouses are not allowed to try to hide marital assets to protect them from being obtained by the other spouse.

The main goal of asset protection is to ensure that current assets are protected from creditors and preserved for heirs and other beneficiaries. One way to safeguard your real property and other assets is to create a comprehensive estate plan and sign a prenuptial agreement if you plan to get married.

Every day you lack asset protection could mean a greater chance of someone trying to come after your financial resources.

If you need further clarification regarding asset protection services, contact Element Law Firm, PC, to schedule a consultation to learn more.

How Can Your Asset Protection Lawyer Help Me Protect My Hard Earned Assets?

Element Law Firm, PC has extensive experience helping clients protect their assets from creditors, ex-spouses, former business partners, and anyone else who may pursue a claim against you.

Our law firm will help protect your assets to ensure outside sources do not profit from your hard work. The last thing you want to deal with is creditors trying to obtain the financial resources you need to live your life or plan to leave to your heirs.

When we agree to take your case, we will thoroughly evaluate your financial circumstances and determine what legal strategies suit your needs. We have a proven record of assisting property owners and other professionals with creating asset protection agreements that will hold up to potential legal scrutiny.

Our legal team can help develop a comprehensive plan that protects assets from creditors and helps your beneficiaries avoid estate taxes. We can also discuss other ways to protect your assets and assist you with estate planning to provide maximum protection.

Contact Element Law Firm, PC, at our Southern California law offices at 760-642-6111 to schedule a Family Wealth Planning Session.