Hogue Barnett:
Asset Protection
Plan wisely for your future.
Asset protection planning involves making prudent decisions today to protect yourself, your business, and your hard-earned assets from loss due to lawsuits, creditors or bankruptcies. This type of legal planning is especially prudent for professionals and business owners, whose personal assets could be at risk due the nature of their employment.
While no one believes lightning will strike them, wealth created through a lifetime of work, saving and investing can be lost overnight if these forms of manmade lightning do strike.
To protect your assets from such disaster, proper risk management strategies should be given careful consideration. These strategies include exempting your assets from the claims of creditors, limiting your liability through legal entities, and transferring your risk through insurance.
Educational Resources on Asset Protection
What Happens If I Don’t Fund My Trust?
If you have updated your estate plan during the Covid crisis and even found a way to sign your documents while maintaining social distance, do not overlook the last step of trust funding.
Different Trusts for Different Estate Planning Purposes
Trusts are legal entities that own assets, and all trusts are not alike. They are created by a written trust document with certain provisions that can vary from trust to trust.
Why Everyone Needs an Estate Plan
If you think of estate planning as something only ultra-wealthy people need to do, you’re not alone. That’s a common misconception.
Inherited IRAs Require Careful Handling
One wrong decision can lead to expensive consequences, and good luck trying to persuade the IRS to give you a do-over.
How Can I Protect Assets from Creditors?
Estate planning is not just about saving taxes, it is also about managing and protecting your assets against future creditors, both for you and for your beneficiaries.
What are the Estate Planning Basics?
It’s never too early to start working on how your things will be handled, once you pass away.
Estate Planning and Probate Planning
Probate is the court process to distribute someone’s estate after their death, even if there is a will and is notoriously slow in California.
Preparing Children for Inheritances in the Future
By discussing finances with your children early and often, you can set them—and future generations—up for success, when it’s time to receive the wealth you’ve accrued.
What is the Best Plan to Protect My Family?
Has it been awhile since you reviewed your estate planning strategy? If so, it may require some updating, based on recent changes to laws impacting your tax and retirement planning.
Should I Give My Kid the House Now or Leave It to Him in My Will?
Adding an adult child to your house deed, or giving them the home outright, might seem like a smart thing to do. It usually isn’t.
How Doctors Can Avoid Mistakes When Protecting Their Assets
Because doctors are so vulnerable of being sued in a medical malpractice suit, they must proceed with extreme caution in protecting their assets. Here are some common missteps made by doctors when drafting an asset protection plan. An error typically made is incorrectly titling their assets, which could place a doctor’s finances into jeopardy. To […]
The 8 Ways To Protect Your Assets From A Lawsuit You Should Know About
To protect what you have, it’s vital to take some defensive measures, to make it more difficult for creditors to seize your assets in the event you lose a lawsuit, have a judgment entered against you, or are forced into bankruptcy. 1. Use Business Entities It’s important to separate your personal assets from those of […]
Top 3 Most Common Asset Protection Misconceptions
Misconception Number 1: Insurance Protects You Real estate investors may be under the false assumption that a general liability insurance policy is all they need to protect their assets. However, this couldn’t be more wrong – taking the right steps towards asset protection involves much more than just one type of coverage. Insurance is an […]
The BIG Misconception About How Insurance Protects Your Assets
Insurance is an essential tool for protecting our financial stability, providing a shield against unforeseen losses. However, there’s a widespread belief that insurance has limitations, which this blog post aims to clarify. By delving into the intricacies of how insurance truly works, readers can dispel any misconceptions and gain a better understanding of its potential […]
The 2 Strategies To Protect Assets For Real Estate Investors
The Benefits of Incorporating Your Real Estate Real estate investing is not without its potential risks and liabilities. If a person’s properties are held in their own name, they could be personally liable for damages arising from accidents or other events at the property. To protect themselves, investors should register their real estate under business […]
5 Most Common Mistakes with Asset Protection You’re Probably Making
As a real estate investor, the best way to safeguard your investments is through tailored asset protection strategies. Without taking action against potential financial threats, you risk losing out on key opportunities and being unprepared in times of crisis – making it essential that one takes appropriate steps to properly protect their assets. Mistake #1: […]
4 Levels Of Asset Protection For Real Estate Investors
With the right precautions, you can safeguard your real estate investments from costly legal outcomes. Learn how to protect yourself and keep control of your assets by exploring our top strategies for managing potential court rulings. Liability in Real Estate: Understanding the Risks Real estate investments can leave you open to potential legal issues. As […]
Top 7 Asset Protection Misconceptions For Physicians
Asset protection is an essential part of any financial portfolio, yet many misconceptions exist. This article aims to clear up the confusion and encourage readers to take a proactive stance on safeguarding their hard-earned nest egg. Find out just how easy it can be with inexpensive techniques that could make all the difference in protecting […]
The 6 Most Common Mistakes Physicians Make Protecting Their Assets
Having endured countless hours of hard work and dedication to reach your current level of success, the thought of it all being lost due to an unfortunate medical malpractice or accident can be downright terrifying. The worry and anxiety that come with the thought of losing it all can manifest in sleepless nights, leading to […]
The 6 Must Know Asset Protection Measures for Physicians
1. Form a Professional Corporation Asset protection is critical for physicians who want to safeguard their financial future. One way to protect against business liability is to form a Professional Corporation. Although Professional Corporations do not provide professional liability asset protection, they can protect against liability from employees and other business-related issues. For example, a […]
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Your Estate, Your Legacy—Let’s Plan It Right
We know it’s important for you to find the right attorney when you’re worried about protecting your money and preserving your estate.