You have worked diligently for the assets you’ve amassed – and continue to amass – and the thought of losing all or a good portion of your wealth in one blow is no doubt frightening. Your assets and your situation are unique, which makes asset protection a nuanced legal matter that calls for the professional legal guidance of an experienced Chicago asset lawyer.
Asset protection is an aspect of financial planning that is intended to help guard your assets from claims brought by creditors. A useful asset protection plan amounts to the adoption of carefully chosen strategies that help protect your wealth. Ultimately, asset protection can provide you with the tools you need to limit the access your creditors have to specific assets – or to your wealth overall – within legal boundaries. Consider the following pillars of asset protection:
Asset protection provides you with the means to help protect your assets within legal parameters and without stooping to illegal practices, which can include all the following:
The asset protection strategies that are right for you will be unique to your situation and the circumstances of your wealth. The law protects some assets from the long reach of creditors, and a prime example is the safety net provided by the Employee Retirement Income Security Act (ERISA) to retirement accounts.
The State of Illinois also has what is known as a homestead exemption that allows you to protect the equity you have in your primary residence. An important point to make here is that effective asset protection begins well before you face a claim that jeopardizes your assets, which makes reaching out to an experienced Chicago assets lawyer sooner rather than later in your best interest.
Those assets that you hold jointly can enjoy the protections offered by tenants by entirety. For example, if you and your spouse own property together, you both hold a mutual interest in the property in question and not just a proportionate share of the asset. This means that a creditor cannot attach a lien or any other kind of claim against the property (unless the claim is against both of you). Knowing the best course of action for protecting specific assets is challenging but can provide you with considerable peace of mind and can bolster your bottom line.
The formidable Chicago assets lawyers at The Law Offices of George M. Sanders have a wealth of diverse experience successfully protecting the assets of clients like you, and we’re here to help. Your assets are well worth protecting, so please don’t wait to reach out and contact us for more information today.