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Asset Protection
Asset Protection

Life can be unpredictable. Americans work very hard and sacrifice and save. Sometimes despite our best efforts  an illness, business reversal or another unanticipated risk can wipe out all that you have worked so hard for over the years. As a bankruptcy lawyer I see the disasters continually and can usually “fix” the issue with a chapter 7, 11 or 13 filing. But what about long term protection for your hard earned money? What about preserving a feeling of security for yourself and your family?

What is Asset Protection

Asset protection is at bottom reorganizing your property and affairs in such a way that your assets are placed out of the reach of potential creditors.

There are some things you can do legally to protect yourself from various financial disasters. I hope you find some of the general information provided here useful. More sophisticated plans are available for those who have substantial assets but this article is written to provide basic sound advice for those of us who work for a living or who have assets at risk in business.

It is important to actually take time and think about your situation in life. Often times when the day to day stress of making an living and getting the bills paid becomes overwhelming, we lose track of what is important. Stated differently what is important is not often urgent to people, day to day “urgent” matters often take most if not all of our attention. If you have ever delayed opening your mail, or going to the dentist, or changing the oil because you are wondering where the rent is coming from, then this article is for you.



Things to Do That Will Improve Your Finances and Protect Your Assets: A Basic List

- keep an eye on elderly family members who are alone
- having health insurance
-have more than the minium insurance for driving and have uninsured motorist coverage
- maximizing retirement contributions
- having 6 month emergency fund
- taking care of yourself relative stress
- being aware of fraudulent transfer laws
- subscribing to consumer reports and researching important consumer purchases
- the right people for important matters, and respect them by paying fairly
-being aware of your rights CFPB
-file your tax returns and pay attention to tax matters
-don’t lend money to friends and family members, gift it if you must
- never do anything in life while angry

Explanations and Details- under construction.