Tampa Asset Protection Attorney
Your entire life you have worked to accumulate assets for yourself and your family. These hard earned achievements unfortunately can be lost in a short period of time if they are not protected. If you are sued, all of your assets are at risk. They are also at risk if you file for bankruptcy. An Attorney in Tampa who specializes in Asset protection is the best thing you can do to protect those assets from being taken away.
Many people believe that only the wealthy are targets for losing their assets. No matter how little, or how many assets you have whether it’s $10 million or $20,000 you are at risk as long as you own those assets in your name. There are many legal circumstances that can place your assets at risk.
Civil lawsuits and divorce can be perfect examples of where people lose their unprotected assets. No matter how safe you think you are from being sued, it is almost always best to take extra precaution. This is why if you have assets in Tampa an Attorney can help you safeguard those assets if there is ever is a time when a lawsuit is filed on you.
Consider your most important asset, your home or your business. The amount of protection on your home can vary depending on what state you reside in. There are some states that offer limited legal protection, while other states will not provide any protection at all. Again, this is why it is imperative that you have adequate asset protection.
If the state and federal laws do not offer protection, you will already have a plan in place that will protect all of your assets.
State laws will determine how much protection is given for life insurance and annuities. In some cases, the cash surrender value of the life insurance policy will be protected. However, this does not always happen. In other cases, the only protection is for the beneficiary’s interest. Again, there are many states that offer no asset protection at all. If you need to know what laws are in place to protect your assets, check with your state’s official website to find out what protection is offered.
Just because there are laws in place, this does not mean that you will be safe from creditors during a lawsuit. No matter what kind of protection is offered by your state, it is always best to consult with an expert in Tampa on asset protection such as Suncoast Elder Law. This is the only way you will be sure that your assets are protected, regardless of the type of legal proceeding.
Too many people rely on just the protection offered by their state. This often leads to a disastrous outcome. These people usually end up losing most, if not all of their assets. There are many strategies that are effective when planning for asset protection. Proper planning can actually deter creditors from attacking your estate and may save you from your assets from being lost. Proper asset protection planning in Tampa may even save you from a lawsuit being filed in the first place.
Learn how to protect your assets from unseen potential frivolous lawsuits, and preserve your wealth. Contact us today.