Understanding what asset protection is could save your assets from current or future creditors. Different states have different legislation. In Florida, it ensures that most of your assets be it property, cash, or other investments can be protected. By speaking with an asset protection attorney you can create a plan to protect your property. This happens in accordance with Florida’s specific state debtor-creditor laws. By involving a reputable legal firm you can protect the majority of your assets.
How Does Asset Protection Planning Work?
In the planning stages, you and your attorney will work together to develop a plan to protect your belongings. It’s important to note that it will be done how state law dictates. You do not want to be guilty of fraud or concealment on top of any other liens currently against you.
Your attorney will conduct a thorough review of your current legal situation. A comprehensive review of all of your assets, this includes any income, must also be completed. A review of your assets is necessary to deduce what can or can’t be protected under the law. Sometimes there may be assets which can’t be protected from creditor or liens. It’s important to discuss other available methods, that can enable you to protect that property.
Do I Need It?
Every person who has valuable property should have some form of asset protection. Keep in mind that prevention is better than a cure – it’s important to protect your wealth before it’s too late. It only takes one bad judgment against you, and you could lose everything you’ve worked hard to obtain.
Risk management is an important component of asset protection. By planning ahead, you reduce the chances of personal or business dealings going awry. If you are willing to take the risk, you need to be prepared to lose everything. With asset protection planning, you can rest assured you and your family won’t be left destitute.
What Assets Are Protected?
Living in Florida has more perks than just its year-round sunny weather! In general, debtors are granted generous protection by the state’s constitution. Keep in mind, that to fall within the protection of the statute you must be a permanent resident or own property in Florida. Key assets that are protected by the statute include your home, your income, annuities, insurance, and retirement accounts.
What Happens If You Don’t Have Asset Protection?
As mentioned before, if you don’t have proper asset protection – you run the risk of losing everything. It depends on the severity of the case and the judgment against you. However, due to Article X, section 4 of the Florida constitution, you can’t lose your home. This section is subject to certain limitations such as the size of the property.
Finding An Asset Protection Attorney In Coral Springs
It’s common knowledge that it’s better to have household insurance before a fire breaks out, than after. Asset protection works the same way. Protection after the fact is handy to have, but it would have been better if it was there from the start. Don’t take unnecessary risk with your property. If you have questions about whether or not your valuables are protected, contact Gary I. Handin at 954-796-9600 and schedule an appointment, today.
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