Overview of Asset Protection

Asset protection is a complex area of law that we can help you navigate.

Can I Protect My Assets From Creditors?

The honest answer to this question is always: "maybe". There are a multitude of laws that effect the legal rights of both debtors and creditors. The factors listed below must be reviewed in each case to determine the extent to which assets may be protected from creditors.

What's the Debt?

The age and type of debt impacts whether it may be collected from a specific debtor:

Judgment Debt
Secured Debt
Unsecured Debt
Mortgage Debt
Land Contract
Personal Debt
Business Debt
Child Support
Spousal Support
Federal Taxes
State and Local Taxes

Who's the Debtor?

Some of these debtors have more legal protection than others:

Single Person
Married Spouse
Married Couple
Business Entity
Decedent's Estate
Trust Beneficiary
Estate Beneficiary

What's the Asset?

Some of these assets are protected by law, and others may be more easily protected from creditors:

Income
Personal Residence
Secondary Real Estate
Individual Account
Joint Account
Retirement Account
Revocable Trust
Irrevocable Trust
Business Assets
Automobile
Life Insurance
Annuities
Inheritance

Who's the Creditor?

The status of a creditor impacts their right to collect a debt. Government entities generally have the greatest rights among these creditors:

Secured Creditor
Unsecured Creditor
Mortgage Lender
Land Contract Vendor
Business Lender
Judgment Creditor
Government Entity

How Can We Help You With Asset Protection?

We can help you to evaluate whether your assets are already protected by law or if you may benefit from any of these strategies:

Domestic Asset Protection Trust
Irrevocable Trust
Revocable Trust
Medicaid Trust
Special Needs Trust
Pre-Marital Agreement
Estate Planning Waiver

Business Entity Formation
Business Ownership Agreement
Change of Ownership
Asset Sale
Promissory Note & Mortgage
Liability Insurance
Umbrella Insurance

Let's Discuss Your Options

Schedule a Consultation