Do You Have An Effective Asset Protection Plan?
Most South Floridians work hard to earn their wealth. If you own property or significant assets, it is important to keep them protected from creditors or a potential lawsuit. Many people in Fort Lauderdale and throughout Broward County have taken the initiative and have an asset protection plan set in place. If you don’t have a plan, where do you start? Here are some helpful tips to get you started.
What Is Asset Protection and Why is it Important?
In today’s litigious society, there is always the possibility of facing a lawsuit. If you own a business, property or any significant assets, they can be easily taken away if not properly protected. Asset protection or planning is about protecting your most important possessions. The process involves reclassifying your assets as nonexempt assets. It helps limit creditor access to any valuable properties and assets legally.
Not Just For The Wealthy
One of the common misconceptions of asset protection is that it is only for the wealthy. Nothing could be further from the truth. The reality is anyone can face a lawsuit regardless of their income The results can be devastating. Lawsuits can come from every conceivable direction, whether it is a car accident, foreclosure, credit card debt or unhappy customers of your business. Losing a legal battle can be very costly and could leave someone ultimately bankrupt.
Time To Get Started
One of the biggest mistakes property and business owners make is waiting too long to start their asset protection plan. The ideal time is to do it as soon as possible. You never know when a lawsuit will arise. Having an effective plan blocks creditors from gaining access to your vital assets. If you don’t have an asset protection plan, courts have the power to reverse the transfer of many assets into protected accounts. The best solution is to seek advice from an experienced and knowledgeable legal professional.
How a Fort Lauderdale Asset Protection Lawyer Can Help
Choosing the right legal professional is important. It is vital to select an attorney with a proven track record of helping clients find proper legal solutions to protect their assets in case of a lawsuit, creditor claims or bankruptcy. By having an experienced attorney on your side, clients are able to learn about the advantages and disadvantages of certain asset protection tools. The most common include retirement plans, asset protection trusts and corporate structures. Once a client fully understands their options, they are able to make better decisions.
Contact Fort Lauderdale Asset Protection Attorney Ira Zuckerman Today
Asset protection is highly complex and requires the assistance of an experienced legal professional. For more than 30 years, Fort Lauderdale tax attorney Ira Zuckerman has provided clients with effective legal advice and tools to help place them in the best position to succeed. He and his staff utilize a personable and comprehensive approach to ensure the rights and interests of each client are protected. To learn more, contact the Fort Lauderdale law offices of Zuckerman Law, LLC and schedule a consultation to discuss your case.