Asset protection strategies are vital to shielding wealth from risks. Whether it is seeking to protect assets to exposure from civil judgment to keeping assets separate when two people get married, having an individual strategy that suits your needs is vital to success. A Tennessee Asset Protection Attorney can make sure you are adequately protected from liability or other threats that could impact your wealth.
The time to begin planning an asset protection strategy is before you need it. Once a claim arises or you find that your assets are threatened, it may be too late to incorporate a protection plan. Instead, a person needs to be prepared for the worst before things go badly. A lawyer can examine your individual situation to outline a plan that meets your particular needs.
Your strategy will depend on the needs of each individual. For instance, a small business owner may need to incorporate a business in order to shield their personal assets from claims against their company. For high income individuals, a strategy may include putting assets into a trust in order to minimize tax liability or to pass an inheritance to their heirs while avoiding the probate process. A Tennessee Asset Protection Attorney can discuss your individual needs to make sure you have a strategy that fits your goals.
It is also important that an asset protection strategy be reviewed periodically to make sure it still meets your goals. As a person’s situation changes, they may need to make alterations to their asset protection strategy to continue minimizing risk. It is also important for a lawyer to take a comprehensive overview that ensures that an asset protection strategy also meets a person’s estate planning needs. This can prevent an issue by preventing conflicts between the two strategies.
Our clients are business owners, professionals and individuals in Blount County, Knox County and throughout eastern Tennessee. Burkhalter & Burkhalter also advises clients nationwide on tax law matters. We value a long-term, ongoing relationship with our clients, helping them meet new challenges as their businesses grow and personal circumstances change.