Texas Asset Protection Attorneys
What is Asset Protection?
The term “Asset Protection” refers to lawfully protecting your assets from legal claims. In these litigious and Government overreach times, it is never more important for individuals to protect themselves before problems arise. Timing is everything. Your assets are one lawsuit or Government claim away.
You must always consider what occurs in the event of your death. While Wills and Trusts are the first things that come to mind, they are but a part of several tools that should be considered when devising an effective estate plan. At DeWood, P.C., we can incorporate your asset Protection plan, with your estate plan.
Why Asset Protection?
Lawsuits abound for anything. From a slip and fall in front of your home or office, to a car accident, to false accusations of assault, battery or defamation, your assets are at risk. If you are a professional physician, lawyer, architect, engineer, or a sport or entertainment celebrity, it gets worse. You are an easy target for frivolous claims and Government overreach. It does not take much for a claimant or the Government to file a lawsuit or even a one page notice against your property and assets. At worst, you may lose everything. At best, your hard-earned assets will be tied for years to come.
Asset Protection Tools
There are different tools to achieve your asset protection and estate planning:
Domestic Asset Protection Trust (“DAPT”)
Homestead and Other Statutory Exemptions
Joint Tenancy in Deeds and Financial Accounts
Third Party Spend Thrift Trusts
Timing is Everything
An asset protection or estate plan is NOT worth the paper it is written on if it is created in anticipation of a known claim or lawsuit. So, if you decide to transfer assets because you think there is a possible, or worse, an existing claim, your asset protection plan is unlikely to give you the protection you seek. Moreover, you may be liable for fraud under State fraudulent conveyance laws and Federal bankruptcy laws. Therefore, you must make you asset protection plan BEFORE ANY CLAIM ARISES to achieve the best result.
We are here for you and your family. We will help you explore your legal options. Our Houston, TX office is open Monday through Friday from 8:00 am to 5:00 pm. We offer evening and weekend hours by appointment as well. Contact Us at 713.492.2274 today for a free 30-minute in office consultation.