Asset Protection & Business Planning Attorneys in Atascocita, TX
Your Wealth Preservation is Our Priority
In the world of individuals and businesses, wealth management is a critical component of safeguarding your assets. However, it’s not without its risks, including potential threats from creditors and legal disputes. With an expert asset protection and business planning lawyer on your side, you can identify these risks ahead of time and devise strategies to mitigate their impact.
Reach out to our firm at (713) 338-2709 to discover more about our asset protection and business planning services!
The Significance of Asset Protection in Texas
Asset protection involves forming a robust legal plan to secure your assets. It’s a tool that individuals or business owners can use to limit creditors’ access to their assets. The primary goal of asset protection is:
To mitigate risk by securing your personal and/or business assets against creditor claims.
As a business owner, it’s crucial to have a business plan in place that addresses key concerns as you age. This includes deciding who will take over your business upon your retirement or passing.
How Our Asset-Protection Plans Can Benefit You
Our attorneys at the Law Office of Bryan Fagan, PLLC can assist you in developing a comprehensive asset-protection plan. This plan can serve as your shield in the event of a lawsuit or creditor claim.
If you’re an individual or business owner unfamiliar with asset protection and business planning, you might be blind to the risks posed by lawsuits or claims. These risks could potentially affect your wealth and your family’s financial security. An asset-protection plan uses legal tactics to defend your assets and ensure they remain within your family.
What Assets Are Exempt in Texas?
In Texas, the following assets are shielded from creditors:
- Your primary residence.
- Personal property (subject to market value considerations).
- IRAs, 401(k)s, life insurance, and college savings plans.
- “Two horses, mules or donkeys, and a saddle, blanket, and bridle for each.” (Only in Texas!)
However, it’s important to note that the Internal Revenue Service (IRS) isn’t bound by these state exemptions. For further details on what this implies for you and your assets, consult with an attorney.
What Assets Are Not Exempt in Texas?
In Texas, the following assets are not protected from creditors:
- Funds in your checking or savings account(s).
- Assets invested into your business.
Initiate Your Asset Protection Plan Today
Creating an asset protection plan cannot be done after a creditor has filed a claim against you; it needs to be in place beforehand. This is due to laws preventing the transfer of assets out of your name to evade a creditor. Consult with an asset protection attorney to help you devise a legal strategy to minimize risks and secure your valuable assets.