Colorado asset protection has become even more important than in the past given an increasingly litigious society and the troubled economic climate. An asset protection attorney can work with you to develop different types of wealth preservation strategies to protect you, your family and your business from a major financial crisis.
The central goal of asset protection planning is to use the law to guard your most valuable assets from potential liabilities. Lowering the “asset profile” of an individual or family traditionally has been done to ward off frivolous lawsuits. Today, however, there are additional dangers from identity theft, phishing, and similar schemes that make separating your assets from your personal information a wise decision. By using asset protection strategies you may be able to reduce your exposure to these dangers.
Colorado asset protection strategies vary according to the type and location of the property you own, but include:
- Domestic and offshore asset protection trusts;
- Exemption of assets under state law;
- Financial workout negotiations with creditors;
- Entity structuring such as limited liability companies;
- Family financial planning through various types of trusts and wills; and
- Negotiation and preparation of pre- and post-nuptial agreements.
Asset protection law requires that planning take place long before there is any sign of a lawsuit. Should money be transferred out of one’s name with the intent of avoiding a pending lawsuit or creditor, a court may void the transfer. You should not wait until until it is too late to contact an experienced asset protection attorney.
Colorado Asset Protection and Estate Planning
Asset protection and estate planning are closely intertwined. Asset protection involves evaluation of your current financial position, and your short- and long-term financial goals. The team at Davis Schilken, PC can use asset protection strategies to help you determine the extent to which your assets are vulnerable to potential creditors to reposition them if necessary. Once we have worked out a financial plan, we can then help you to integrate that information into a comprehensive estate plan.
Without adequate safeguards, your years of hard work and carefully accumulated wealth are at risk. Our lawyers are committed to assisting in protecting individuals and businesses from potential financial catastrophes.