Denver Asset Protection Attorney
If you are worried about creditors unfairly going after your assets, then hiring a lawyer to protect all that you own can be very important. You’ve worked hard for all your valuable possessions, and the last thing we want is for someone to take them from you. If you are responsible for a car accident, or someone slips and injures themselves while they’re on your property, they’re likely going to come after you and your assets. We want to make sure that you are protected. Asset protection serves as a barrier between you and your creditors if you are getting sued or are going through a divorce. We help clients structure their assets, often creating an entity such as a trust or business entity to hold the assets that might provide benefits to the original owner. This process separates ownership from the original owner. Contact our Denver Asset Protection Law firm online or call (303) 420-2863 to schedule your free initial consultation with an experienced Denver asset protection attorney.
Why You Need a Denver Asset Protection Lawyer
An asset protection attorney in Denver is experienced and qualified to protect everything that you have worked so hard for. If you’re in the middle of a lawsuit or you file for bankruptcy, unless you’re experienced in this particular field, it’s unlikely that you know how to legally protect your assets in the most productive way possible. It’s always a good idea to let an expert handle things. When you choose the estate planning lawyer in Denver, they will give you the best advice that helps you keep what you own away from anyone who may be trying to seize it. If you’re ever in an unfortunate situation where your assets are at risk, the work you’ve done beforehand to protect them with a qualified attorney should help you immensely.
What is Asset Protection?
Asset protection is a legal strategy used to prevent your assets from being seized by creditors using barriers such as business entities, trusts, and partnerships. Keep in mind, this protection is not a replacement for insurance, but it can complement your insurance to more sufficiently satisfy creditors. For example, if you are being sued because someone slipped and fell on your property, or because you caused a car accident due to your negligence, it’s important to have an asset protection plan in place. Ideally, you have a plan in place before something bad happens.
Common Asset Protection Strategies
If you’re wondering exactly how asset protection works, hopefully, some examples of the strategies that can be used are helpful for you. The following are some of the ways that you can protect your assets:
One way to protect some of your assets is to set up corporations, including C corporations, S corporations, and limited liability companies (LLCs). When you own something through a corporation or an LLC, it can shield your personal assets. If someone files a lawsuit against your corporation, they will be able to go after assets owned by the corporation, but not ones you own personally.
Asset Protection Trusts
The purpose of asset protection trusts is to protect your assets from creditors. Setting up an asset protection trust essentially means you are transferring ownership of your assets to a trust that is to be managed by the trustee. It is irrevocable, meaning any asset that is transferred into the trust is permanent. If someone files a lawsuit against you or a creditor comes after you, they shouldn’t be able to access the assets that you transferred into the irrevocable trust.]
When Should I Consider Asset Protection?
Ideally, we like to discuss asset protection in a proactive manner. Reactive asset protection (for example, if you are already being sued or facing a divorce) is a more difficult process. If you already have a situation where a creditor is coming after your assets, we may not be able to protect you easily from that creditor, but we can use legal tools to protect your assets from future creditors.
Contact Our Denver Asset Protection Lawyers at Brady, McFarland, & Lord, LLC?
At Brady, McFarland & Lord, LLC, we have 19 years of experience representing clients throughout Arvada, Colorado, and the West Denver metropolitan area. Unlike some lawyers that are concerned only with meeting clients’ legal needs, we believe that the best way to serve our clients is by understanding their individual concerns and goals. Our estate planning attorneys in Arvada, Colorado treat all of our clients exactly the way that we’d want our own family members to be treated. Our main concern isn’t our own bottom line, it’s making sure that you get the assistance and the protection that you need. This includes treating you with respect and compassion. If you ever have any questions about asset protection, we would be honored to help. Contact us online or call (303) 420-2863 to schedule your free initial consultation.