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Asset Protection & Business Planning Lawyers in Asian Trade District, TX
Our Law Firm Is Committed to Preserving Your Wealth
For individuals and businesses in the Asian Trade District, asset management is a crucial part of protecting your wealth. However, there are numerous risks involved in preserving financial stability, including safeguarding your assets and business from potential creditor claims and lawsuits. A skilled asset protection and business planning attorney can help you anticipate these risks and implement legal strategies to minimize their impact, ensuring your wealth remains secure.
Contact our firm at 469-772-5806 to learn more about our asset protection and business planning services today!
The Importance of Asset Protection in Texas
Asset protection involves creating a legal strategy to safeguard your financial resources. Whether you are an individual or a business owner, implementing asset protection strategies can limit the assets creditors can access. The primary objective of asset protection is:
To prevent or limit financial risk by shielding your personal and business assets from creditor claims.
If you own a business in the Asian Trade District, planning for the future is essential. You may need to consider succession planning—who will take over your business when you retire or pass away? A well-crafted business plan ensures your legacy is protected.
How Asset-Protection Plans Can Help
At the Law Office of Bryan Fagan, PLLC, our attorneys assist clients in crafting customized asset-protection plans designed to shield their wealth in the event of lawsuits or creditor claims.
Many individuals and business owners are unaware of the risks associated with legal disputes and how these risks can significantly impact their financial security. Without proper planning, your assets could be vulnerable. Our firm employs legal strategies that protect your assets, ensuring they remain within your family or business structure.
Which Assets Are Exempt in the State of Texas?
In Texas, certain assets are protected from creditors, including:
- Your homestead (the land and home you own)
- Personal property (subject to market value limitations)
- Retirement accounts such as IRAs and 401(k)s
- Life insurance policies and college savings plans
- Two horses, mules, or donkeys, along with essential riding gear (this is Texas, after all!)
However, it’s important to note that the Internal Revenue Service (IRS) is not bound by state exemptions. Consulting with an experienced lawyer can clarify how these laws affect you and your assets.
Which Assets Are Not Exempt in the State of Texas?
Certain assets remain unprotected from creditors in Texas, including:
- Funds in your checking or savings accounts
- Business investments or assets that have been reinvested into your company
Creating an Asset Protection Plan Today
Waiting until a creditor files a claim against you is too late to implement an asset protection plan. Texas law prohibits transferring assets out of your name to evade creditors once a claim has been filed. The best course of action is to proactively work with an asset protection lawyer who can help you develop a legally sound strategy to minimize risks and safeguard your financial future.
If you have any questions regarding asset protection and business planning in the Asian Trade District, reach out to our team online or give us a call at 469-772-5806 today!
