Asset Protection Planning
Everyone wants to keep what they own, but in this 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. Our plans are 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.
How do I legally protect my assets?
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. Kindness wins the hearts of others and promotes compromise. Ill behavior evokes strife and contention. A study found that doctors with good bedside manner were sued approximately 50% less than doctors without it. Being a good person eliminates risks.
Appropriate levels of insurance for the activities you pursue make up the second line of defense. If you are a accountant, for instance, you probably don’t need as much insurance as a fireworks vendor or stunt plane pilot. This also applies to everyday activities such as driving. The state minimum insurance requirements for automobiles are typically insufficient to protect from many common automobile accidents. For policies issued in 2024, Utah law only requires auto insure to cover up to $25,000 for the bodily injury or death of one person. The liability for bodily injury and certainly the liability for death easily runs well over $25,000. If your insured covers $25,000 and you cause a $100,000 accident, your remain liable for $75,000 out of your own pocket.
You can work on the first two lines of defense without an attoney, but 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 it?
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 Asset Protection?
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 for your estate administration or probate needs, call Maxfield Law today: (385) 298-0700