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Asset Protection & Business Planning Lawyers in Central Austin
Our Law Firm Is Committed to Preserving Your Wealth
For individuals and businesses, asset management is just one part of preserving your wealth. There are risks associated with safeguarding your assets, including protecting your business and personal property from creditor claims and lawsuits. An experienced asset protection and business planning attorney can help you identify these risks in advance and minimize their impacts, shielding your assets.
Contact our firm at 512-220-3593 to learn more about our asset protection and business planning services in Central Austin today!
The Importance of Asset Protection in Texas
Asset protection involves creating a legal strategy to safeguard your assets. Individuals or business owners can use asset protection to limit which assets creditors can access. Ultimately, the most crucial aspect of asset protection is:
- Preventing or limiting risk by protecting your business and/or personal assets from creditor claims.
If you own a business, it’s important to create a business plan to address key concerns as you grow older. You might need to think about who will take over your business when you retire or pass away.
How Asset-Protection Plans Can Help
At the Law Office of Bryan Fagan, PLLC, our attorneys can help you craft a comprehensive asset protection plan to safeguard your assets 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. As a result, you might not be aware of the risks associated with lawsuits or claims and how these could impact your wealth and your family’s wealth. An asset-protection plan employs legal strategies to protect your assets and keep them in your family.
Which Assets Are Exempt in the State of Texas?
Texas protects the following assets from creditors:
- Your homestead (the land and home you own).
- Personal property (subject to market value limits).
- 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 uniquely Texan protection).
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 you and 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 files a claim against you; it must be done beforehand. This is because laws prevent you from transferring assets to avoid a creditor. Consult with an asset protection lawyer to help you develop a legal plan that reduces risks and keeps your essential assets secure.
If you have any questions regarding asset protection and business planning, contact our team online or call us at 512-220-3593.
