Find the Help You Need with Asset Protection Attorneys in Lisle, IL
When you work hard to achieve certain assets, protecting them should be an important part of your financial planning. Do you have a vacation home? Are you a collector of luxury vehicles? Whatever the case may be, your assets are worth protecting. Assets can become vulnerable in a whole host of situations, which is why it is a good idea to find legal avenues to safeguard them when possible. With the help of experienced asset protection lawyers in Lisle, Illinois, finding a solution to this legal concern may be easier than you think. There are certain ways to protect assets, including property and vehicles, and a knowledgeable asset protection lawyer will be able to get you started on the right path for you.
Do I Need Asset Protection?
The first step in determining if you need asset protection is to understand how it is used most commonly. Asset protection is typically used as a preemptive measure to protect assets from debt collectors or lawsuits. It is not intended to protect assets once you are already faced with a lawsuit or a debt collection agency. Asset protection is also commonly used by individuals in certain professions where lawsuits are a concern, such as doctors, dentists, lawyers, real estate developers, and business owners.
The average person usually has minimal asset protection needs based on what they own and how prone they are to threats against those assets, but the best way to determine whether or not you need it is to speak with an experienced asset protection lawyer. If you are someone in a higher-risk profession where lawsuits are common or you have acquired substantial assets, it is crucial that you speak with an foreclosure defense lawyers in Lisle IL when you want to safeguard them from vulnerability and potential loss.
Common Forms of Asset Protection
There are a few common methods an experienced asset protection lawyer may employ to safeguard their client and their hard-earned assets. It is important to keep in mind that there is no such thing as foul-proof asset protection since every situation is unique. The goal of asset protection is to minimize liability while attempting to protect assets from creditors and lawsuits. Asset protection is commonly seen as the following:
- Offshore asset protection trust: This is a common strategy, but it needs to be done properly under the supervision of an asset protection lawyer to avoid any issues. By moving assets to a non-U.S. trust, the assets may be cited as exempt in some instances.
- Life insurance and trusts: An easy way to protect wealth is to max out life insurance and set up trust funds for loved ones such as your children or grandchildren. There are several trust types available, such as irrevocable life insurance trusts, charitable remainder trusts, and more. Again, this needs to be set up in a way that makes sense under the law, or a judge may call the trust or insurance into question.
- Homestead exemptions: There are exemptions for property owners with a lot of land. For example, Illinois offers an exemption of up to $15,000 for farmers and landowners with significant land. There are also options within a comprehensive estate plan, such as qualified personal residence trusts.
- Limited partnerships and family limited partnerships: This can be used by businesses in Illinois in an attempt to protect assets. Family limited partnerships can be used in the same way, but for family businesses and investments.
What are Fraudulent Transfer Laws?
Illinois is one of many states with fraudulent transfer laws in place. This means any transfer of assets must not occur in an effort to hide assets in order to avoid paying a creditor what you owe them. For example, if you move assets when you do not have debt, you may just be protecting them from future issues. If you move assets when you currently have debt, the law may see that as hiding assets that could otherwise be liquidated to pay your current debts.
It is worth noting that not everyone protecting their assets when they owe debt is trying to deceive their debtor, but it could be perceived as violating fraudulent transfer laws. Even when a person protects their assets when they are debt-free, they may still need to prove to the courts later on when faced with a claim or debtor that the move was made with no prior knowledge of an impending claim or debt. The best way to protect yourself (and your assets) is to speak with an attorney prior to making any plans for protection. An experienced asset protection lawyer will be able to determine the best move based on your situation.
How Can an Asset Protection Lawyer Help Me?
An asset protection attorney helps clients in several important ways. They serve as your legal counsel by giving advice on the best possible outlets for asset protection. If you are unsure about the available options or how to protect assets while avoiding liability, a knowledgeable asset protection attorney will be able to explain options and answer any questions.
They will also be able to represent you when faced with fraudulent transfer law accusations. When faced with this claim, an asset protection attorney will look for ways to prove that you did not protect assets with the intent of defrauding anyone else. Whether you are setting up asset protection or dealing with fraudulent transfer claims, a bankruptcy lawyer will serve as an ally, advisor, and legal defender when you need it most.
Find Legal Counsel Today
Asset protection is a complicated legal area where you need to be smart and careful to avoid further issues. When you need help planning for the future of your hard-earned assets, seeking legal counsel is the best way to avoid pitfalls and problems. An experienced asset protection lawyer is familiar with the best way to handle this complex matter while protecting your interests from a legal standing. Contact us at (708) 575-1500 to find out how asset protection lawyers in Lisle, IL, may be able to help today. We are happy to set up a consultation to discuss your options and answer questions.