Skip to content
Asset Protection & Business Planning Lawyers in Cattleman Square
Our Law Firm Is Committed to Preserving Your Wealth
For individuals and businesses, asset management is just one aspect of protecting your wealth. There are risks associated with safeguarding wealth, including protecting your assets and/or business from creditor claims and lawsuits. An experienced asset protection and business planning attorney can help you assess these risks in advance and minimize their impacts, shielding your assets.
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 Cattleman Square
Asset protection involves creating a legal strategy to safeguard your assets. As an individual or business owner, you can use asset protection to limit which assets creditors can access. Ultimately, the key goal of asset protection is:
- To prevent or limit risk by protecting your business and/or personal assets from creditor claims.
If you own a business, you’ll also want to plan for the future and consider questions such as who will take over your business when you retire or pass away.
How Asset-Protection Plans Can Help
Our attorneys at the Law Office of Bryan Fagan, PLLC can help you craft a comprehensive asset-protection plan that will protect your wealth in the event of a lawsuit or creditor claim.
As an individual or business owner, you may not be familiar with asset protection and business planning. Without this knowledge, you may be unaware of the risks posed by lawsuits or claims and how these could affect your wealth and the wealth of your family. An asset-protection plan utilizes legal strategies to keep your assets safe and within your family.
Which Assets Are Exempt in the State of Texas?
The state of Texas offers protection for the following assets from creditors:
- Your homestead (the land and home you own).
- Personal property (market value factors play a role here).
- IRAs, 401(k)s, life insurance, and college savings plans.
- Two horses, mules, or donkeys, along with a saddle, blanket, and bridle for each (a true Texas touch!).
It’s important to note that the Internal Revenue Service (IRS) does not have to abide by the state’s exemptions. Consult with a lawyer to understand what this means for your assets.
Which Assets Are Not Exempt in the State of Texas?
The state of Texas does not protect the following assets from creditors:
- Money in your checking or savings accounts.
- Assets invested in your business.
Creating an Asset Protection Plan Today
You cannot create an asset protection plan after a creditor has filed a claim against you. The plan must be established before any claims are made. Laws prevent you from transferring assets to avoid a creditor. Consult with an asset protection lawyer to develop a legal plan that minimizes risks and keeps your valuable assets secure.
If you have any questions regarding asset protection and business planning, contact our team online or give us a call at 430-202-6461.
