Asset Protection Strategies in Plano – What Professionals Need to Know

Many people are using the legal system to deprive others of their life’s work. Millions and millions of new lawsuits are filed every year. As you can imagine, many are frivolous or settled for large amounts of money. Business owners, property owners, and professionals such as accountants, lawyers, dentists, and doctors are often a target and as such, need to be aware of the risks associated with conducting business. Some of the more common vulnerabilities include:

  • Personal injury on your property
  • Personal injury as a result from a motor vehicle accident
  • Malpractice liability
  • Lawsuits from former partners
  • Liability arising from misconduct

These are just a few examples. Unfortunately, there are many other scenarios that unscrupulous people use to try to rob you of your hard-earned assets.

But, you can prepare and protect yourself, your family, and your business from this possibility. Asset protection strategies in Plano will help preserve your wealth and safeguard your assets using a series of techniques that will protect you from claims of future creditors. The techniques used will often deter potential creditors from suing you or obstruct their ability to seize your assets or collect judgments.

It is important to understand that asset protection planning only works if you act before you are facing a lawsuit. Under the law, you cannot use asset protect strategies to protect you from current creditors. If you are already being sued or if you know someone is going to, you cannot then transfer assets so that creditors can’t reach them. The court would reverse the transfer then and possibly bring up a case against you for fraud.

So, the time to create an asset protection plan is now – before you need it. We invite you to call our Plano asset protection lawyers at 214-292-4225 to schedule an appointment to learn how asset protection strategies in our state can help protect your wealth and life’s work.

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Written by Miller Law Office

Miller Law Office

The Miller Law Office is here to help you build and protect your legacy. Rather than having a traditional estate planning practice, which is focused on transactions (such as the drawing up of wills and other documents), we have a more relational focus – having on-going contact with clients over the long-term, helping clients to protect themselves and their families.