Spokane Asset Protection Lawyer
When you have worked hard to build personal wealth, grow your business, and plan for retirement, you cannot afford to expose your assets to risk. Insurance is a wise decision to protect your interests, but it can only go so far and will not guard against all loss. If you are in certain professions, own your company, or hold complicated assets, you may need to pursue additional efforts for asset protection. Fortunately, under Washington law, there are several options that might suit your needs.
At Moulton Law Offices, our team focuses on asset protection and creating strategies to legally safeguard wealth. We have in-depth knowledge on ways to exempt assets, limit liability through business entities, and transfer risk of loss, giving you confidence that you reap the benefits of your hard work. Please contact us today to set up a case review with a Spokane asset protection lawyer who will provide personalized advice on your options. You may also benefit from reviewing some basics.
Why Asset Protection is Important: When you purchase property and accumulate wealth, you may not realize how these assets could be vulnerable. However, if you are on the hook for legal or financial obligations, your real estate and personal property is at risk. Asset protection encompasses many strategies for avoiding loss due to:
- Accidents;
- Divorce;
- Lawsuits and judgments;
- Claims by creditors; and,
- Bankruptcy.
You might assume that the easiest strategy is to transfer ownership of assets into the name of a spouse, family member, or other legal entity when you know legal action is looming. This is illegal under fraudulent transfer laws, which is why it is so important to focus on legal asset protection tactics. These concepts are particularly important for professionals and business owners who have unique exposures to liability.
Options for Asset Protection: One of the most fundamental strategies is to procure solid insurance for your home, auto, life, business, and property, which transfers risk to the insurer. You probably already have policies, but it is smart to revisit them periodically to assess coverage amounts, deductibles, and loopholes.
Our Washington asset protection attorney at Moulton Law Offices can explain other options, including:
Limited Liability Companies: An LLC is a separate legal entity from its stakeholders, so creditors cannot reach your personal assets to satisfy obligations of the company.
Asset Protection Trust: Through use of an irrevocable trust that complies with legal requirements, you can still retain the value of your assets as a beneficiary.
Prenuptial Agreements: With divorce constituting a risk of loss, you should consider executing a prenup to protect assets before walking down the aisle.
Discuss Your Options with a Spokane Asset Protection Lawyer
While it is reassuring to know that there are ways to safeguard your personal property, real estate, and other interests, the details about asset protection are complicated. Mistakes can be costly, so trust Moulton Law Offices to counsel you on options and put your plan into effect. Please contact us to schedule a consultation with a Washington asset protection attorney who can offer additional information.
