Asset Protection is Not Just for the Wealthy

Anyone who owns a home, an IRA (individual retirement account), life insurance, or a savings account needs asset protection. When someone passes away, his or her assets may pass to a relative. What most people don’t realize is that individuals and companies today are using legal maneuvers to get what they think they deserve, and in the process, depriving people of their inheritances. When assets change ownership, such as at death, and the new owner tries to liquidate, creditor predators can seize the asset as payback of a debt incurred by the person who passed away.

Would a 5 – 10% Loss of Income Hurt?

Studies show about 70% of Americans will experience a loss of income of 5 – 10% in the near future. Hard times don’t have to cause financial ruin. Laws are in place to keep assets out of the reach of creditor predators. Survival comes from being prepared. Take legal actions to protect yourself and your heirs. If you own an asset that is unprotected, let us tell you what your options are.

The time for developing an asset protection plan is before you get into financial difficulty. Creditors can and will pursue people for unpaid loans whether alive or dead. Courts will not view favorably an action to escape any personal guarantees you or your relatives have made. If you are currently experiencing financial difficulty, speak with us right away. We can refer you to a bankruptcy or workout attorney.

Protect Your Family Business

If you own a family business, a qualified estate lawyer can help you develop an asset protection plan to protect your hard-earned success using proper legal safeguards. Protecting your family business is more than just setting up a corporation such as a limited liability corporation (LLC).

I Don’t Need Asset Protection

Really? If you own real estate, are a professional offering services for a fee, or invest in jewelry, art or other valuables, get an asset protection plan in place. Perhaps you are in a blended family and want  your estranged kids to inherit your IRA.You might be surprised to learn that upon your death, a creditor predator may take that IRA distribution away from those kids.

Start Planning and Protecting Today

With just a little planning, you can protect your assets from creditor predators or financial hardships. Call us today at 205-663-0281 to schedule a consultation if you want to know more. John R. Holliman and Melanie B. Holliman (formerly Melanie B. Bradford) will help you with asset protection planning while taking care of your loved ones. And, we will treat you like family.