Asset Protection Planning: What you should know
Not many people in Miami understand the importance of asset protection. Asset protection is invaluable as it protects some possible assets from being used in the settlement of bankruptcy cases, should you ever need to file a bankruptcy. While the hope is to never file for bankruptcy, planning for the possibility may save you much money and stress in the end.
Federal and state laws regulate the rules of asset protection. If you file for bankruptcy and try to utilize asset protection after the fact, it would be considered fraud, regardless of where you live. So planning in advance is the key to keeping as much of your assets as possible.
Many assets are already protected by both state and federal laws such as many different kinds of retirement accounts and the like. Some of the equity of your home can even be considered exempt depending on the state laws. The laws are different in every state.
You need to understand the proper methods of asset protection in order to keep other legal issues, such as fraud from arising after already dealing with a stressful bankruptcy issue. One basic rule of thumb is to plan as far in advance as possible. Many methods of asset protection involve the use of offshore accounts. The term offshore usually strikes the word “fraud” to mind, however if you plan in advance, in most cases it is not considered fraud.
The safest method of protecting your assets is to plan ahead and seek the help of a qualified and experience attorney for asset protection in Miami Florida. The right attorney can explain the rules and regulations for both state and federal laws regarding asset protection. You can usually gain a free asset protection consultation by making a simple phone call. A few moments of your time can save you a ton of money in the future as well as many layers of stress and possible legal battles.
While the utilization of asset protection can be confusing, knowing the laws is extremely important, and consulting your qualified Miami Florida asset protection attorney is part of planning for the future. Your Miami asset protection lawyer can give you much needed advice and even give you a few resources to use for financial planning, which in these economical times is an extremely valuable resource in itself.