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Asset Protection & Business Planning Lawyers in Allandale, TX
Safeguarding Your Wealth with Strategic Planning
For both individuals and business owners in Allandale, asset protection and business planning are essential steps in preserving long-term wealth. In Texas, there are unique risks involved in protecting your wealth, particularly from creditor claims, lawsuits, and other financial threats. An experienced asset protection attorney can help you identify these risks early on and minimize their impact, ensuring your wealth remains secure.
📞 Contact our team at 512-220-3593 to learn more about our asset protection and business planning services.
Why Asset Protection Matters in Texas
Asset protection is a proactive strategy that involves structuring your finances to protect your wealth from potential threats, such as creditor claims. Whether you own a business or have personal assets to safeguard, Texas asset protection laws offer valuable tools to shield your wealth.
The primary goal of asset protection is simple:
- Prevent or limit risks by protecting your personal and business assets from lawsuits and creditor claims.
As a business owner, planning for the future is crucial. You need to determine who will take over your business when you retire or in the event of your passing. Our attorneys can help you navigate these decisions and craft a comprehensive business succession plan.
How Asset Protection Plans Can Safeguard Your Wealth
At the Law Office of Bryan Fagan, PLLC, we specialize in creating tailored asset protection plans that help individuals and businesses protect their wealth. These plans use legal strategies to reduce the risk of losing assets due to lawsuits or creditor claims.
Many individuals and business owners are unaware of the risks involved with not having a solid protection plan. Without one, you could put not only your business at risk but also the financial future of your family.
We can guide you through the process of creating a customized plan that fits your unique needs.
Texas Asset Protection: What Is Exempt and What Is Not?
In Texas, certain assets are protected from creditors. Here are some of the exempt assets under Texas law:
- Homestead: Your primary residence, including the land and home, is protected.
- Personal Property: Certain personal items are also shielded, although the market value plays a role.
- Retirement Accounts: IRAs, 401(k)s, life insurance policies, and college savings plans.
- Two Horses, Mules, or Donkeys: And related saddles, blankets, and bridles (a unique Texas provision!).
However, some assets are not exempt from creditor claims, including:
- Money in checking or savings accounts.
- Assets that are invested in your business.
It’s essential to consult with an attorney who understands these exemptions to ensure you are protecting the right assets.
Creating an Asset Protection Plan Before a Claim
You must create an asset protection plan before a creditor files a claim against you. Texas law prohibits transferring assets to avoid creditors once a claim is already in place. To ensure your wealth is protected, it’s crucial to start planning early.
Our firm can help you develop a comprehensive strategy that reduces your exposure to risks and safeguards your assets for future generations.
📞 If you have questions about asset protection and business planning, call us at 512-220-3593 or contact us online to get started.
