One of the rumors that seem to continue to grow on the estate planning grapevine is that you only need asset protection if you are a high-net-worth individual. In fact, the opposite is sometimes true because those with high assets typically have been well-advised to keep their assets safe.
Also, those with high-end assets are more likely to have some funds that are protected, even if some are at risk, so they often have something to fall back on if they lose some of their wealth.
Of course, this doesn’t mean that those with high assets should not take precautions. Everyone should have the benefit of estate planning to provide asset protection.
Why We All Need Asset Protection No Matter How Deep Our Pockets
If you are concerned about the potential risks your assets face, consulting with a experienced asset protection attorney is in your best interests. At Surprenant & Beneski, P.C., we serve clients in Southeastern Massachusetts and Cape Cod from diverse backgrounds, with varying levels of wealth, all of whom want to protect their assets for:
- Their own retirement
- Their beloved children and grandchildren
- Their favorite charities and causes
- Their legacy
The uncertainty of the world being what it is, especially during the ongoing pandemic, it is wise for all of us to protect what we have for our own stability and that of future generations.
Times When Asset Protection is Most Essential
You may think you are not vulnerable to the risks that put other people’s assets in jeopardy, but that is hardly likely. Take a moment to think about the possibility of being faced with:
- Personal injury lawsuit after a car accident or slip and fall injury
- Malpractice lawsuit as a professional with a high degree of liability (doctor, lawyer, financial advisor, landlord, real estate developer)
- Tax liability, fine or penalty
- Expensive probate
- Predatory lending
- Financial scams
- Incapacity requiring long-term care
- Home that is now worth less than your mortgage
- Loss of job
- Investment or retirement plan that has decreased in value
- Excessive credit card or business debt
- Large debt for which you are a guarantor
- Endangered business profitability
- Legal liability for misconduct, fraud or other criminal behavior
- Personal liability of corporate officers, directors or former business partners
- Lawsuits against you by a present or former partner or spouse
If you are realistic, the above list should make you aware that no one is immune to the threat of losing assets. Without the assistance of a highly skilled attorney, the assets you have worked so hard to amass may suddenly evaporate.
No matter whether you are comfortably fixed or extremely affluent, you need the strong asset protection a professional can provide. The attorneys at Surprenant & Beneski will help you implement well-crafted strategies designed to protect your assets from the above dangers.
How a Talented Asset Protection Attorney Can Shield You
A number of legal tools that can be used to protect your assets, including:
- Formation of a Limited Liability Company (LLC)
- Establishment of a trust to assume ownership of your business
- Liability insurance for your business
- Liability insurance for you personally
- Irrevocable trusts to provide safekeeping for funds for grants, charities, life insurance, and special needs offspring
Nothing can take the place of a well-informed legal advocate who puts your interests first and customizes asset protection to meet your particular needs.
Contact Our Experienced Asset Protection Attorneys Today
Don’t let your assets remain at risk. Who knows when you might be the target of a lawsuit, the victim of an accident, or confronted with some other financial calamity. Be prepared for eventualities. Let us help you guard your assets and your loved ones with superior legal protection.