Can You Protect Your Assets from a Lawsuit or Creditors?

There are several different measures you can take to help keep your assets safe but these are not any undertakings that you should work on by yourself. In fact, hiring a knowledgeable estate planning attorney can be the first and perhaps the most important step in protecting your assets. Asset protection planning is something you can discuss with an estate planning lawyer in Michigan.

If you don't properly protect the assets you worked a long time to accumulate, they could be lost very quickly in bankruptcy, a lawsuit or medical expenses. There are some laws that enable you to take valid steps to protect your assets. Corporate executives and medical professionals are often thought of as the only ones who need asset protection planning but they aren't the only people who could become subject to lost assets as a result of lawsuits or creditors.

Various investment accounts such as IRAs and 401ks do carry a certain amount of protection and many states also offer asset protection trusts that safeguard annuities, life insurance, and homestead. You might assume that you might not be on the wrong end of a lawsuit at any point in time but the potential for losing all of your hard-earned assets is significant. One important step that you can take is to schedule a consultation with an experienced estate planning lawyer to determine whether you need asset protection planning. 

An estate planning attorney can help you to understand some of the potential risks that your estate could be facing if you fail to take necessary precautions. Scheduling a consultation today will help you to get the support that you need and an estate plan that backs up your individual concerns. Schedule a consultation today to learn more about the estate planning process.