Asset Protection Planning
We all want to keep what we own, but in our litigious time, that takes planning. Our law firm is experienced in Asset Protection Planning.
What is Asset Protection Planning?
When people begin the process of Asset Protection Planning, they are really just planning and executing on their plan to protect the things upon which they have spent so much time and hard work from future known and unknown risks especially when these risks are not even within one’s own control. There is no set plan for everyone. Asset Protection Planning is individualized. No plan is perfect. Every Asset Protection Plan we designed makes it easier for our client to keep their own property and harder for others to take it from them.
What are Some Steps I can take in Asset Protection Planning?
Whenever implementing an Asset Protection Plan, it is important to remember that the first and best defense is to be a good, kind, careful, and honest person. The second line of defense is to keep good insurance in appropriate levels for your activities. If you are a bookkeeper for instance, you probably don’t need as much insurance as, a fireworks vendor or stunt plane pilot.
This also applies to activities we are all involved with like driving. The state minimum insurance requirements for automobiles are typically not enough to protect you from many common automobile accidents. Utah law only requires auto owners insure their cars up to $25,000. Auto accidents with injuries easily run well over $100,000 in damages. Remember, you are liable for whatever your insurance doesn’t pay. Thus if your insured covers $25,000 and you cause a $100,000 accident, your remain liable for $75,000 out of your own pocket.
The portions of the Asset Protection Plans you can work on without an attorney are your first two lines of defense. Remember to be a decent person and have enough insurance for the accidents that are bound to happen eventually.
The third level level of defense is to utilize statutory limited liability structures and exemption planning. This may consist of the singular or combined use of appropriate LLC’s, Corporations, and Trusts. You can also set aside nest eggs by investing in life insurance policies, retirement accounts, food storage, certain household items, burial plots, as well as other things. It is recommended that you work closely with your attorney while planning and executing on the third level of defense.
When Do I Need Asset Protection Planning?
Asset Protection Planning looses effectiveness after creditor problems arise. Some kinds of asset protection must be in place years before your problems arise. Once the creditors are after a person, there is less we can do to help. Don’t wait until too late, begin your Asset Protection Planning today.
Who can help me with my Asset Protection Planning?
Many places provide asset protection planning in one form or another. Research asset protection planning online, call your insurance agent (highly recommended), and visit with an attorney. We at Maxfield Law are experienced in litigating and collecting assets from others so we know well what works and what does not work in Asset Protection Plans. Attorney Paul R. Maxfield has assisted clients in putting together Asset Protection Plans that have served his clients well.
To see what Paul Maxfield can do to for your asset protection planning needs, call Maxfield Law today. (801) 472-6687