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Asset Protection & Business Planning Lawyers in Bryker Woods, TX
Our Law Firm Is Committed to Preserving Your Wealth
For individuals and businesses in Bryker Woods, asset management is a crucial aspect of protecting your financial future. Risks such as creditor claims and lawsuits can threaten your assets and business. An experienced asset protection and business planning attorney can help identify these risks in advance and implement legal strategies to minimize their impact, ensuring your wealth remains safeguarded.
Contact our firm at 512-220-3593 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 secure your assets from potential claims. Whether you are an individual or a business owner, asset protection helps limit creditor access to your wealth. The ultimate goal of asset protection is:
- To prevent or minimize financial risk by safeguarding your personal and business assets from potential legal claims.
If you own a business, it is also essential to establish a business plan that addresses succession planning. Preparing for the future includes deciding who will take over your business upon your retirement or passing.
How Asset-Protection Plans Can Help
At the Law Office of Bryan Fagan, PLLC, we specialize in crafting customized asset-protection plans tailored to your needs. Our attorneys can help shield your wealth from lawsuits, creditor claims, and unforeseen financial risks.
Many individuals and business owners in Bryker Woods may not be familiar with asset protection strategies. Without proper planning, you could be leaving your wealth and family’s financial security vulnerable. A well-structured asset-protection plan uses legal techniques to safeguard your assets and ensure they stay within your family.
Which Assets Are Exempt in the State of Texas?
The state of Texas provides exemptions that protect certain assets from creditor claims, including:
- Your homestead (land and residence you own)
- Personal property (market value considerations apply)
- Retirement accounts, including IRAs and 401(k)s
- Life insurance policies and college savings plans
- Two horses, mules, or donkeys, along with a saddle, blanket, and bridle for each (because this is Texas!)
However, it is essential to note that the Internal Revenue Service (IRS) does not have to honor state exemptions. Consulting with a legal professional can help clarify how these exemptions apply to your specific situation.
Which Assets Are Not Exempt in the State of Texas?
Some assets are not protected under Texas law and may be subject to creditor claims, including:
- Money held in checking or savings accounts
- Investments and assets tied to your business
Creating an Asset Protection Plan Today
It is crucial to establish an asset protection plan before a creditor files a claim against you. Once legal proceedings begin, transferring assets out of your name may not be legally permissible. By working with an asset protection attorney, you can develop a proactive legal strategy to reduce financial risks and keep your assets secure.
If you have questions about asset protection and business planning in Bryker Woods, reach out to our team online or call us at 512-220-3593 for a consultation.
