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Tampa Estate Planning Attorney > Blog > Asset Protection > Do You Have an Asset Protection Plan in Place?

Do You Have an Asset Protection Plan in Place?


People in Florida work hard to earn the things that they have. If you own significant assets or property, it is important that you be sure to protect them from a potential lawsuit or creditors. Many people have worked with an attorney to initiate an asset protection plan, but if you don’t have one, do you even know where to start?

Why Is Asset Protection Important and What Is It? 

We live in a fairly litigious society, which means there is always the possibility of a lawsuit lurking just around the corner. That possibility is even higher if you have significant assets or own a business. If your assets and property aren’t properly protected, they can easily be taken away. Asset planning and protection helps you ensure that your most important possessions are protected. It can involve reclassifying some of your assets to nonexempt assets, which will legally limit credit access to your valuable assets and property.

You Need Protection Even If You’re Not Wealthy 

Many people incorrectly believe that asset protection is only needed by the wealthy. This couldn’t be further from the truth. In reality, anyone can face a lawsuit. Regardless of income, the result of such a lawsuit could be devastating. Lawsuits can be a result of a car accident, credit card debt, foreclosure, or a customer that isn’t happy with your business. Losing such a lawsuit can be financially devastating and could even result in bankruptcy.

Don’t Wait Too Long to Get Started 

Another mistake that people commonly make is waiting too long to protect their assets. Creating an asset protection plan is always better done sooner rather than later because you never know when you could be facing a lawsuit. Having an effective plan in place can block creditors from having access to your most important assets. If you don’t have a plan in place, the court has the power to reverse transfers of some assets so they can’t be put into protected accounts.

Getting Help from an Asset Protection Attorney 

Having an experienced asset protection attorney on your side is important. You should always be certain when hiring an attorney to protect your assets that they have a proven track record in helping their clients protect their most important assets. Some of the cases an experienced attorney might have handled include creditor claims and bankruptcy protection. Hiring an experienced attorney will enable you to learn about the disadvantages and advantages of asset protection tools including retirement plans, corporate structures, and asset protection trusts. By understanding your options, and with the guidance of a knowledgeable attorney, you will be able to make better decisions.

Contact a Florida Asset Protection Attorney Today 

Asset protection is clearly complex and requires the guidance of an experienced legal professional. David Toback has been helping provide clients with legal advice and asset protection tools for decades. He will help you ensure that your assets and interests are protected so you can have the peace of mind in knowing that what you have worked so hard for is safe and secure. Contact the office of David Toback in Tampa today to schedule a consultation.

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