Asset Protection Lawyers in Tampa, Florida
It is important to properly handle asset protection and to address issues before they arise. Asset protection is a proactive measure that individuals take before they face a challenge from a lawsuit, creditor, or divorce. It involves knowing your risks and taking steps to protect your wealth from these risks. The Reyes Firm is an asset protection law firm in Tampa, Florida that can help you assess your risks and take steps to put in place asset protection instruments that can protect your wealth. There might be a wide range of options available to you. The Reyes Firm is an asset protection law firm in Tampa, Florida that can help walk you through your options.
What are Some Asset Protection Strategies?
Asset protection strategies can take on many forms. They can include the establishment of an asset protection trust or the establishment of a limited liability company. Other ways individuals can protect their assets is through certain types of insurance policies, which might include malpractice policies if a person works in a highly litigious field. High net worth individuals who are getting married can protect assets through carefully worded prenuptial agreements, or other trust structures that specifically shield assets or place assets in the trust of one person. The key to asset protection is to do it before you face a lawsuit or a claim from a creditor, and before an issue arises.
What are some asset protection vehicles? Here are a few:
Trusts. An irrevocable trust or domestic asset protection trust is one vehicle through which you can pass your wealth to the next generation and shield your legacy from creditors or lawsuits in the process. Irrevocable trusts cannot be changed once they are established, and you won’t have access to the money in the trust once it is established. An irrevocable trust can help you protect your legacy for the next generation, while also providing specific instructions for how your wealth is to be transferred to the next generation.
Limited Liability Companies. If you own a business and want to protect your personal assets, a limited liability company can protect your personal assets from being taken by business creditors or business lawsuits.
Insurance Policies. Umbrella insurance policies can protect you if you hit the limit of other insurance policies. This can arise in the case of car accidents, where damages can often exceed the limits of auto insurance policies. An umbrella policy can bridge the gap between the total damages and the coverage provided by other insurance policies. If you work in a highly litigious field like law or medicine, a malpractice policy can also protect you should you face a lawsuit in your practice or field. Finally, a life insurance policy may be protected from creditors.
Prenuptial Agreements. If you are getting married, a prenuptial agreement can make clear which assets are shared marital assets and which assets are separate.
These are just some of the strategies available for asset protection. Offshore trusts, retirement plans, and charitable trusts might be other ways that individuals can protect their legacies and ensure that their wishes are honored, and their hard-earned wealth is used for its intended purpose. If you have questions about what options might be available to you, reach out to Ed Reyes, a Tampa Florida asset protection attorney.
Understanding Fraudulent Transfer Laws
A Tampa Florida asset protection lawyer can help you understand the nuances of fraudulent transfer laws to prevent the illegal creation of an asset protection trust. In order to avoid the claims of fraudulent transfer, asset protection trusts must have been established before a lawsuit, creditor claim, or other issue has arisen. In this manner, an asset protection trust is a proactive tool, and not a tool to be used after an issue has already arisen. If you have questions about whether asset protection is right for you, reach out to the asset protection lawyer at The Reyes Firm in Tampa, Florida today.
Contact an Asset Protection Law Firm Today
The Reyes Firm is an asset protection law firm that is here to help you protect your wealth and identify the best asset protection vehicles for your needs. Asset protection is meant to proactively protect wealth and cannot be used after a lawsuit has already been made or a claim from a creditor has already begun. If you are looking for ways to protect your wealth through asset protection, the time to start is now. Reach out to The Reyes Firm, a Tampa, Florida asset protection law firm today. We can help.
