Ocala, FL Asset Prevention Planning
As a hardworking American, you have strived to build financial stability. Therefore, it makes sense that you might fear various creditors, lawsuits or a foreclosure might attempt to take your assets away from you. However, the attorneys at Schatt Hesser Mcgraw can help ensure that your assets are properly protected. You can rest easy knowing that even in a worst case scenario, your assets are safe.
Florida’s Protection Laws
Assets can be defined as any property, investments, businesses or cash you may own. In order to safeguard these resources, there are a variety of measures we can take. Our elder law lawyers in Ocala, FL will create a plan that adheres to the Florida Constitution, Common Laws (legal precedents set by individual cases) and other Florida laws. Many assets can be protected by abiding by these laws alone. For instance, money or property that is jointly owned by a husband and wife or through limited partnerships are often exempt from what creditors attempt to collect. Perhaps the most beneficial option is the Florida homestead exemption. If a property is considered your primary home, it is protected from creditors. Surprisingly enough, if you sell your house, the proceeds are also protected as long as you have intentions to purchase another house at the same price. While there may be too many of these laws to keep track of, your attorney will be able to keep you informed on which ones apply to your situation.
Asset Protection Strategies
Today, it is all too common to hear about trivial lawsuits that are being processed in order to make some extra cash. If you are truly concerned with being financially wise, you will want to limit the amount of money a creditor can potentially get from you. This includes making sure that your car and house are fully insured. If an accident does occur, you will not be held liable. It is also important to be intelligent with your business operations. Only work with people you trust and make sure you get everything in writing. We may suggest that you create offshore trusts, debt shields, family limited partnerships or a variety of other types of trusts to protect your money. It is important to remember that these strategies are not meant to hide the assets that you have because in a legal setting, your creditor will discover all of your assets. Instead these steps are focused on protecting your money without breaking any laws. Our lawyers will start by assessing your risk and developing a plan to protect your assets as much as possible. This strategy can never be foolproof but it will minimize the effects creditors can have on your property and savings as well as increase your leverage during negotiations.
When to Implement Asset Protection Planning
In order to ensure your assets are safe from creditors, you cannot procrastinate. Consult the Ocala elder law attorneys at Schatt Hesser Mcgraw before any legal action begins. It is best to create a plan at the same time that you complete your estate planning. If you wait until someone files a lawsuit against you, the process of protecting your money becomes much more complicated. While transfers are used in the typical asset protection plan, they may be perceived as fraudulent if they are executed after a lawsuit has already been filed. However, most of the time it is not too late, so contact our lawyers as soon as possible so that we can develop a strategy.
Asset Protection Lawyers in Ocala, FL
If you have a successful business or desirable assets, you will want to create a plan to protect yourself. The sooner you contact us, the better chance you will have at avoiding costly legal proceedings. It takes experience and legal knowledge to develop the best strategy to prevent creditors from accessing your assets. We will utilize a variety of tactics in order to protect you as much as possible. Contact our Ocala law firm today to learn how we can help you.