10701 Corporate Dr. Ste 340-104, Stafford, TX 77477

logo
  • Home
  • Contact Us
  • About Us
  • Practice Area Overview
    • Asset Protection
    • Business Law Services
      • Business Formation
      • Business Contracts
      • Documents for Startup Businesses
    • Estate Planning
    • Wills and Trusts
  • Blog
  • Contact Us

Tips for Protecting Your Assets

February 11, 2019 by Sandra Ighalo

Simple Steps You Can Take

There’s no sure-fire way to avoid risk, but there are steps you can take to minimize it. If you’ve worked hard to create personal wealth, it’s critical that you implement basic asset protection strategies, so that you’re not at risk of losing everything. Here are some general guidelines.

  • Protect your assets before the need arises — This is a fundamental rule. Employ proactive, rather than reactive, asset protection strategies. In the worst-case scenario, an after-the-fact attempt to shield assets might be construed as a fraudulent transfer.
  • The best tool for personal or business asset protection is insurance — Asset protection strategies should never be an alternative to obtaining the right amount and type of insurance. Most insurance policies will pay the costs to defend a lawsuit—an asset protection plan won’t.
  • Separate your personal assets from your business assets — The best tool for protecting personal assets is a trust. With a business, it’s the appropriate business structure. Stay away from a sole proprietorship or general partnership, though. With those business forms, a debtor may be personally liable for the debts of the business.
  • Relinquish some control — Whatever the structure you establish to provide a barrier to liability, make certain that you don’t jeopardize the separation of liability by exercising too much control. You don’t want a creditor to argue that you and your business (or that you and your trust) are one and the same. A court may agree and wipe out the legal distinction.
  • A bankruptcy filing is not a good asset protection plan — The days are gone when you could turn to Chapter 7 or Chapter 13 to get relief from creditors and protect assets. Many of the property exemptions are now extremely limited.
  • Offshore accounts may not protect you — The recent trend has seen many courts subject debtors with offshore accounts to “repatriation orders.” Essentially, that means the court will order the return of offshore funds to the United States and can hold a debtor in contempt of court (and in jail) for violating the order.

Contact Us

At MCIS Law, PLLC, in Stafford, we aggressively advocate for businesses and individuals in southeast Texas. For a confidential consultation with an experienced and knowledgeable lawyer, email us or call our office at (346) 297-0121. We accept all major credit cards.

Filed Under: Asset Protection

Request A Consultation

  • This field is for validation purposes and should be left unchanged.
Disclaimer

Archives

  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • March 2019
  • February 2019
  • January 2019
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • June 2018

Contact us

MCIS Law,PLLC

Address:

10701 Corporate Dr. Ste 340-104,
Stafford, TX 77477

Phone:

(346) 297-0121

  • Facebook
  • Twitter
  • Linkedin

Request A Consultation

  • Home
  • About Us
  • Practice Area Overview
  • Blog
  • Contact Us
footer-logo

© 2019 MCIS Law, PLLC All Rights Reserved.
Sitemap | Disclaimer