Asset Protection Lawyers in Traverse City, Michigan

The asset protection lawyers at the Neumann Law Group in Traverse City, Michigan may be able to assist you with a robust asset protection plan. The time to begin protecting your assets is not when you are facing a lawsuit or calls from creditors. The time to begin protecting your assets is now. A robust asset protection plan protects your hard-earned assets so that should the unpredictable future lead to a lawsuit or credit issues, your assets will be protected.

Who should consider asset protection? Individuals in high-risk fields may want to consider asset protection. Professions that are at particularly high risk for lawsuits include lawyers, doctors, accountants, and real estate agents. If you find yourself in this field, or starting a business in one of these areas, you may want to consult with an asset protection lawyer at the Neumann Law Group in Traverse City, Michigan.

Remember, if a claim or lawsuit has arisen, it’s probably too late to begin asset protection. Asset protection may also be able to help your family when it comes to estate planning. Contact the Neumann Law Group, an asset protection law firm in Traverse City, Michigan today to learn more about your options under the law.

Asset Protection and Trusts

One asset protection strategy is to use a trust to protect your assets. One of the best ways to protect personal assets is to establish an irrevocable trust. While this trust is a permanent structure (meaning it can’t be changed), it can protect your assets from creditors or lawsuits. A trust can also be passed on to your family members, which can also offer added benefits including reducing estate taxes and helping your heirs avoid probate.

When it comes to asset protection, the Neumann Law Group is an asset protection law firm in Traverse City, Michigan that may be able to help you and your family. Be aware that there are some strategies for asset protection which may be stronger than others. Having an asset protection lawyer to guide you through the process can help you find the best strategies for your needs.

Understanding Fraudulent Transfer Laws

Fraudulent transfer laws make it illegal to transfer assets to another person or to give assets as a gift to avoid paying a debt. Basically, under fraudulent transfer laws, if you are transferring assets because you are facing a lawsuit or because a debt collector is coming after you, the transfer may not be seen as legitimate. Asset protection doesn’t involve transferring assets after you have faced a debt, and it doesn’t involve underhanded strategies like moving funds offshore to avoid obligations. Asset protection can be a proactive process where money and assets are placed into trusts and other structures to protect your property, your heirs, and your hard-earned money. Real asset protection involves assessing risk, and taking steps to protect yourself. The Neumann Law Firm, an asset protection law firm, in Traverse City, Michigan can walk you through what asset protection means and what it doesn’t mean. Before you begin to take steps to protect your assets from creditors, you may want to speak to an asset protection lawyer to make sure that what you’re planning to do isn’t illegal.

Asset Protection and Your Business

If you own a business, one aspect of asset protection can be to form an LLC or corporation or other protective structure. The benefits of incorporating and establishing an LLC when you have a business are manifold. This can help to separate business assets and debts and liabilities from personal assets and debts and liabilities. For individuals who have their own business, or who work in high-risk fields for lawsuits, one asset protection strategy that may be available to you if establishing a proper business entity to divide personal assets and liabilities from business assets and liabilities. The Neumann Law Group is an asset protection law firm that may be able to assist you with this asset protection strategy if you own a business or if you are currently self-employed or are a sole proprietor.

Other Asset Protection Strategies

There are other asset protection strategies in addition to those mentioned above. Various trust structures may be able to protect your assets. In some cases, individuals can give their assets to a trusted family member who may be at lower risk of lawsuits or creditors, but this kind of strategy may also have its own risks and liabilities. If you have questions about your options, reach out to the asset protection law firm at the Neumann Law Group in Traverse City, Michigan today. Our attorneys are here to help you with a range of estate planning needs and offer a range of asset protection services. Contact us today to learn more.