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Asset Protection & Business Planning in Arts District
Preserving Your Wealth with Asset Protection & Business Planning in the Arts District, TX
At the Law Office of Bryan Fagan, PLLC, we are committed to helping both individuals and businesses in the Arts District secure their wealth and protect their assets. Whether you’re managing personal finances or navigating business risks, asset protection is a critical part of ensuring your wealth stays secure against creditors and lawsuits. Our experienced attorneys specialize in crafting comprehensive asset protection and business planning strategies to help safeguard your interests.
📞 Contact us today at 469-772-5806 to discuss your asset protection needs.
The Importance of Asset Protection in Texas
In Texas, asset protection is about proactively securing your wealth from potential financial risks. For individuals and business owners, a well-structured asset protection plan can help limit the assets creditors can access in the event of a lawsuit. Whether you own personal assets or a business in the Arts District, it’s crucial to design a plan that minimizes the potential damage caused by unforeseen legal challenges.
Here’s why asset protection is so important:
- Preventing or limiting risks to your business and personal assets.
- Safeguarding your family’s future wealth.
- Planning for business succession, so your assets remain within the family or company.
How Asset-Protection Plans Can Help You
Asset protection is often unfamiliar territory for many individuals and business owners. You may not be aware of the risks involved or how a lawsuit could impact your wealth. That’s where we come in. At the Law Office of Bryan Fagan, PLLC, we help you design a strategy that ensures your wealth is shielded and preserved.
Here’s how our asset protection attorneys can help you:
- Protect personal and business assets from creditors.
- Create a business succession plan, addressing who will take over your business when you retire or pass away.
- Structure your assets so they remain protected in the event of financial trouble.
Which Assets Are Exempt in Texas?
In Texas, certain assets are protected from creditors, including:
- Your homestead (land and home you own).
- Personal property (with some value restrictions).
- Retirement accounts such as IRAs, 401(k)s, life insurance, and college savings plans.
- Two horses, mules, or donkeys, along with a saddle, blanket, and bridle (yes, even in Houston!).
However, it’s important to note that the IRS doesn’t have to follow state exemptions, which is why it’s essential to consult with a lawyer about what protections apply to your unique situation.
Which Assets Are Not Exempt in Texas?
On the other hand, there are some assets that Texas law does not protect from creditors:
- Money in checking or savings accounts.
- Business investments (money you’ve poured into your business).
To best protect your assets, an experienced attorney can help you navigate these complexities and create a strategy tailored to your needs.
Creating Your Asset Protection Plan Today
It’s vital to start planning your asset protection strategy before a creditor files a claim against you. Texas law prohibits transferring assets out of your name to avoid creditors once a claim is filed. By working with an asset protection attorney, you can ensure that your assets are shielded well in advance.
📞 Call us at 469-772-5806 or contact us online to schedule a consultation. Let our experienced lawyers help you develop a customized asset protection plan today.
