Asset Protection Strategies

There are several asset protection strategies you can utilize to ensure that your hard-earned assets are protected should unexpected events arise in your future.

Losing your job, getting divorced, suffering from illnesses or injuries, and other similar unforeseen circumstances can impact your income and ability to support yourself.

Asset protection strategies can help you sustain your needs long-term and protect against future creditors who could try to pursue your assets to satisfy a debt.

Additionally, asset protection can allow you to maximize the value of your estate so that you can fully benefit from your efforts to accrue property or funds.

Whatever your goals, there are several asset protection strategies you can undertake to ensure your property is protected, including:

• Establishing an irrevocable trust in which to place property. This can protect your assets from certain tax implications, and, for irrevocable trusts, can protect against future personal creditors if the trust is correctly prepared and designates the proper trustees and abilities to distribute funds.
  
  
• Investing funds in the appropriate retirement funds protected under ERISA and state exemption laws. Certain retirement plans are protected from creditors under the federal ERISA law (Employee Retirement Income Security Act of 1974), such as 401(k) plans. Certain laws can provide additional exemptions for other types of retirement plans.
  
  Your St. Louis asset protection attorney will be able to counsel you on the specific retirement plans protected from tax liabilities or creditors and which plans are most beneficial for your individual goals and assets.
  
  
• Investing in corporations, limited liability companies, or limited partnerships. Your interest in a corporation, LLC, or LP can be protected from personal creditors, who can usually only recover funds from any distributions made from the company to its shareholders, if any.
  
  

Regardless of the amount and type of property you own, and whatever your goals are for protecting and preserving those assets, your St. Louis asset protection lawyer can work with you to determine the best asset protection strategies for properly achieving those goals.

Remember, you have worked hard to obtain your property. It will be beneficial to you in the long run to take the necessary steps to protect what you have earned.