Skip to content 
Asset Protection & Business Planning Lawyers in Brooks City Base
Our Law Firm Is Committed to Preserving Your Wealth
For individuals and businesses in Brooks City Base, asset management is a crucial component of wealth protection. There are inherent risks in preserving wealth, including potential exposure to creditor claims and lawsuits. A skilled asset protection and business planning attorney can help you anticipate these risks and implement strategic legal safeguards to protect your assets and business interests.
Contact our firm at 430-202-6461 to learn more about our asset protection and business planning services today!
The Importance of Asset Protection in Texas
Asset protection involves developing a strategic legal plan to shield your assets from potential liabilities. Whether you are an individual or a business owner, asset protection can help limit creditors’ access to your wealth. The primary goal of asset protection is:
- To prevent or mitigate risks by securing your business and personal assets from creditor claims.
If you are a business owner, having a solid business plan is essential as you plan for the future. It is important to consider who will manage your business as you approach retirement or in the event of unforeseen circumstances.
How Asset-Protection Plans Can Help
Our experienced lawyers at the Law Office of Bryan Fagan, PLLC can assist in crafting a comprehensive asset-protection plan to safeguard your wealth. Whether you are an individual or a business owner, asset protection is essential to ensuring financial stability for you and your family.
Many individuals are unfamiliar with the complexities of asset protection and business planning. Without proper planning, you may be unaware of potential legal risks and how a lawsuit or claim could impact your financial well-being. A carefully structured asset-protection plan incorporates legal strategies to keep your assets secure and within your family.
Which Assets Are Exempt in the State of Texas?
Texas law protects specific assets from creditor claims, including:
- Your homestead (land and residence that you own).
- Personal property (with value limits in place).
- Retirement accounts, such as IRAs and 401(k)s, as well as life insurance policies and college savings plans.
- Up to two horses, mules, or donkeys, along with a saddle, blanket, and bridle for each.
However, it is important to note that the Internal Revenue Service (IRS) is not bound by Texas asset exemptions. Consulting with an experienced attorney can help clarify what this means for your assets.
Which Assets Are Not Exempt in the State of Texas?
Certain assets are not protected under Texas law, including:
- Funds in your checking or savings accounts.
- Investments made into your business.
Creating an Asset Protection Plan Today
It is essential to establish an asset protection plan before facing a creditor claim. Once a claim has been filed, laws prevent transferring assets out of your name to shield them from creditors. Seeking guidance from an asset protection attorney ensures that you have a proactive and legally sound plan in place to minimize risks and preserve your wealth.
If you have any questions about asset protection and business planning in Brooks City Base, reach out to our team online or give us a call at 430-202-6461.
