Do I Need an Asset Protection Plan?
What does the term “asset protection planning” mean to you? If you said it is the idea behind applying a series of techniques to protect your assets from future creditors, you would be correct. While many believe it is only something for wealthy families and people in high-risk professions, this couldn’t be further from the truth.
A car accident, foreclosure, loss of job, and unplanned medical expense are all common occurrences that may decimate your finances, leaving you in an extremely difficult situation. Because of this, asset protection is critical for people with moderate wealth just as it is for those in the top 1%.
It is crucial to note that asset protection planning is 100% legal, however, if you are doing so with the intention to defraud creditors, you are breaking the law. There is a sharp distinction between the two, which is why it is important to meet with an Oklahoma attorney from AMA Law in order to ensure you are adhering to the law when coming up with a plan to protect your assets. Our asset division lawyers will work with you to develop an asset protection plan that is both legal and in your best interests.
The information below is designed to help you determine whether or not you are in need of an asset protection plan. If you have any questions or would like to meet with one of our attorneys to go over your options, please contact our Oklahoma law firm today.
Who Needs an Asset Protection Plan?
Individuals who work in high-risk professions, such as physicians, paramedics, architects, and contractors, are encouraged to have an asset protection plan in place. Politicians, actors and actresses, the extremely wealthy, pilots, and others in the public eye are also individuals who should consider asset protection strategies.
While people in the above listed professions are likely candidates for asset protection plans, there are also reasons for the everyday man to look into these types of strategies. Here are a few examples of how an asset protection plan can apply to you:
- If you are a landlord
- If you are a real estate investor
- If you are a business owner
- If you have accumulated or inherited a significant amount of unprotected property
Additionally, contributing to retirement accounts is another type of commonly utilized asset protection strategy that is not limited to persons in any one tax bracket.
In order to protect your assets, you must plan ahead. Unfortunately, protecting your assets after an incurring debt or a lawsuit arises is simply not possible. Because of this, it is important for you to take action today and meet with an asset division lawyer in Oklahoma to discuss whether or not you need a plan of this kind. There are many different types of plans and options that will enable you to keep your assets safe in the future. To learn more about your options, please contact AMA Law today.