We have quite a lot of folks reaching out to us looking for "asset protection." Now, this can mean a number of different things, depending on your situation.
Maybe you're worried about potential exposure to lawsuits.
Maybe you're worried about future ex-spouses or creditors taking your assets.
Maybe you just want to keep the IRS from seeing everything you've got.
Well, two of those are possible (and legal) with asset protection strategies.
Ultimately, people who have worked to create wealth want to protect their assets from creditors. And luckily, in Texas, you're in a debtor-friendly state, but you're still not getting free rein to avoid your obligations. The goal with asset protection is really to force better settlements, and give you the upper hand over potential creditors.
Today's video discusses the strategies you should employ, in the following order.
- Free and easier things you can do
- Collateralization (prioritizing your creditors)
- Creating trusts and legal entities
You unfortunately can't just hide your assets in a trust from creditors (Texas will likely just see that as a self-settled trust), and trusts are designed to give assets away. Same with fraudulent transfers that are intended to delay or obstruct assets from a creditor. If you're already facing a claim, it's too late.
This work needs to be done well before a claim is in place, so if you watch this video and still think you can benefit from asset protection, now is the time to act.
-----
Strohmeyer Law is a law firm based in Houston, Texas, specializing in tax law, estate planning, and probate law.
Nothing in this video is specific legal advice for you. Watching or commenting on this video doesn't create an attorney-client relationship.
For more information, visit: www.strohmeyer...
Instagram: strohmeyerlawpllc