Asset protection planning is the process of creating a plan to protect your assets from creditors and lawsuits. The goal of asset protection planning is to put you in the best possible position to keep your assets if you are ever sued or have debts that you can’t pay. There are many benefits to asset protection planning. Goldstone Financial Group will highlight some of them.
Benefits of Asset Protection Planning as per Goldstone Financial Group
Reduces Risk of Being in a Lawsuit
According to Goldstone Financial Group, the first benefit of asset protection planning is that it can reduce the risk of being in a lawsuit. If you have valuable assets, you may be at risk of being sued. By protecting your assets, you can reduce the chances of being sued and losing your assets.
Protects Your Assets if You Are Sued
If you are sued, your assets may be at risk. Asset protection planning can help protect your assets if you are sued. By creating a plan to protect your assets, you can make it more difficult for creditors to take your assets. This can help you keep your assets and avoid having to sell them to pay creditors.
Can Help You Keep Your Assets if You Have Debts You Can’t Pay
Goldstone Financial Group believes that if you have debts that you can’t pay, your creditors may be able to take your assets. Asset protection planning can help you keep your assets if you have debt problems. By creating a plan to protect your assets, you can make it more difficult for creditors to take your assets. This can help you keep your assets and avoid having to sell them to pay creditors.
Consigning Liquid Assets
A key part of asset protection is consignment. Consignment is the legal process of turning over ownership of an asset to another party. The asset is then held by the other party until the owner needs it again. This can be used to protect liquid assets, such as cash and investments, from creditors.
Consigning assets can be a good way to protect your assets from creditors. It can also be a good way to protect your assets from lawsuits. If you are sued, the court may order that your assets be turned over to the person who sued you. By consigning your assets, you can make it more difficult for the court to take your assets.
State of Residence
Another factor that can affect asset protection is your state of residence. Some states have laws that make it more difficult for creditors to take your assets. If you live in a state with good asset protection laws, you may be able to keep more of your assets if you are sued or have debt problems.
There are many factors to consider when choosing a state of residence for asset protection purposes. You should talk to an asset protection lawyer to find out which state is best for you.
Conclusion
Asset protection planning can be a good way to protect your assets, as explained by Goldstone Financial Group above. It can reduce the risk of being in a lawsuit, and it can help you keep your assets if you are sued. Asset protection planning can also help you keep your assets if you have debt problems. You should talk to an asset protection lawyer to find out which state is best for you.