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  • Home
  • Start Here
    • Becoming a Client
    • Our Story
    • Our Approach & Values
    • Meet the Team
    • Client Testimonials
  • PROTECT MY FAMILY
    • Estate Planning
    • Wills and Trusts
    • Power of Attorney
    • Deeds & Real Estate Transfers
  • Specialized Planning
    • Minor Children
    • Special Needs Trusts
    • Asset Protection Planning
    • Irrevocable Trusts
  • Elder Care
    • Long term Care
    • Medicaid (ALTCS)
    • Guardianship
  • Probate
    • Do I Need Probate?
    • Avoiding Probate
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    • Employment Agreements
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      • Elder Law
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      • Business Succession
      • Guardianship
    • Videos & Recordings
    • Seminars & Webinars
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  • Contact Us
    • Schedule Strategy Session
    • Office Locations

What Is Asset Protection Planning?

Serving Clients in the Gilbert, Arizona Area

What Is Asset Protection Planning?
  • December 16, 2022
  • Asset Protection, Estate Planning, Wills & Trusts
Gilbert Arizona estate planning attorney

BY: Jake Carlson

Jake Carlson is an estate planning attorney, recognized business leader, inspiring presenter, and popular podcast host. He is personable and connects immediately with others. A natural storyteller, he loves listening to your story and exploring what matters most to you.

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Asset protection planning is the process of building barriers around your assets, whether those assets are personal or business, to keep them safe from litigation, creditor claims, seizure and burdensome taxes.
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Yahoo’s recent article entitled “How to Protect Your Money, Even If You’re Not Rich” says that contrary to what many people believe, asset protection planning isn’t just for the wealthy. The estates of anyone, in any income group, can be sued or suffer from hefty taxation.

The following strategies can mitigate the effect of creditor claims and other issues on your wealth.

If you want and need to protect your assets, you should be proactive. However, if you have significant debt and few assets and you are subject to a lawsuit, it may be better to file for bankruptcy than to create an asset protection plan.

That’s because it’s only worth it if you have significant assets, although some events cannot be protected against. These include tax liens, mechanics liens, alimony judgments and child support claims.

A plan benefits these people the most:

  • Anyone with a significant amount of assets.
  • Anyone with a significant, recurring amount of credit card debt.
  • Homeowners underwater on their mortgage (your mortgage balance is greater than the value of your home).
  • Anyone whose profession carries with it a high probability of liability, such as doctors and attorneys.

Some assets aren’t subject to creditors, such as retirement accounts under the protection of the Employee Retirement Income Security Act of 1974 (ERISA).

You may also legally preserve at least a portion of your home equity. Homes may be put in another individual’s name.

The goal of an asset protection plan is to set a level of legal separation between you and your assets. This allows you to legally shelter your assets from creditors without doing anything illegal.

To learn more about estate planning in the East Valley, Gilbert, Mesa and Queen Creek, schedule your free consultation with Attorney Jake Carlson by using one of the links above.

Reference: Yahoo! (Nov. 6, 2022) “How to Protect Your Money, Even If You’re Not Rich”

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