Do I need to have a certain amount of money to consider asset protection?

asset protection lawyer north carolinaThere is a common misconception that only the extremely wealthy need to worry about protecting their assets from lawsuits or other unexpected financial problems. It is true that professionals or business owners with high incomes are frequently targets for lawsuits and are at risk of losing personal funds and property. However, asset protection planning is often just as important for those with less wealth. 

Why You Need an Asset Protection Plan

No matter how much money you make in a year, it is always smart to be prepared for the possibility of abrupt financial or health changes. Nursing home stays, in particular, can quickly drain funds, which is a critical reason why you need to plan as far in advance as possible. Even if you are young and healthy, you may have assets that need protecting. For example:

  • Any businesses you own
  • Heirlooms you want to be passed on to specific family members
  • Your primary home
  • Other real estate or rental units
  • Stocks and bonds
  • Retirement accounts

Vacation homes, rental property, and nearly any type of business ownership can attract liability and personal injury lawsuits that put you at risk. Working with an asset protection attorney to keep what you’ve earned safe can include a range of options tailored to your specific needs, including:

  • Coming up with strategies for keeping your hard-earned assets out of the hands of former spouses, irresponsible adult children, creditors, and the government
  • Discussing how some common asset protection strategies like gifting may backfire
  • Forming LLCs to protect rental properties
  • Funding different types of trusts
  • Reversing gifts to ensure Medicaid eligibility for nursing home stays in the future
  • Retitling property
  • Reviewing any potential gaps in your insurance coverage

Do You Have Assets That Need Protecting? Contact Our Experienced Asset Protection Attorney Today

Don’t get caught unaware by a sudden lawsuit, health change, or business failure. Make sure to call a skilled asset protection attorney today to find peace of mind that what you’ve built up over your life will always be safe. 

Get Help Now

Contact us today to schedule your free 15-minute consultation. You will speak with a qualified professional to discuss your needs and find out how we can help. Fill out the form on this page, and we will get back to you shortly. If you have questions for our staff, feel free to call us at (910) 452-3577.

Wilmington Elder Law, Estate Planning & Asset Protection Attorney