Asset Protection & Business Planning Lawyers in Clear Lake, TX
Our Law Firm Is Committed to Preserving Your Wealth
For individuals and businesses in Clear Lake, asset management is just one part of protecting your wealth. There are risks associated with preserving wealth, including keeping your assets and/or business safe 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, effectively shielding your assets.
Contact our firm at 281-562-7344 to learn more about our asset protection and business planning services today!
The Importance of Asset Protection in Texas
Asset protection involves developing a legal strategy to safeguard your assets. As a Clear Lake individual or business owner, you can use asset protection to limit what assets creditors can access. Ultimately, the most important 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 in Clear Lake, you’ll want to create a business plan to address important future questions, such as who will take over your business when you retire or pass away.
How Asset-Protection Plans Can Help
Our lawyers at the Law Office of Bryan Fagan, PLLC can help you create a comprehensive asset-protection plan that will protect your assets in the event of a lawsuit or creditor claim.
As an individual and/or business owner, you might be unfamiliar with asset protection and business planning. As a result, you may not be aware of the risks associated with lawsuits or claims and how those could impact your wealth and the wealth of your family. An asset-protection plan uses legal strategies to protect your assets and keep them within your family.
Which Assets Are Exempt in the State of Texas?
The state of Texas protects 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. (This is Texas after all!)
Note that the IRS does not have to abide by the state’s exemptions. Consult with a lawyer for more information on 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 account(s).
- Assets invested in your business.
Creating an Asset Protection Plan Today
You cannot establish an asset protection plan once a creditor files a claim against you—it must be done beforehand. There are laws that prevent you from transferring assets out of your name to avoid a creditor. Consult with an asset protection lawyer to help you create a legal plan that reduces risks and keeps your important assets secure.
If you have any questions regarding asset protection and business planning, reach out to our team online or give us a call at 281-562-7344.
