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Asset Protection & Business Planning Lawyers in Collin County, TX
Our Law Firm Is Committed to Preserving Your Wealth
For individuals and businesses in Collin County, asset management is only one aspect of protecting your wealth. There are risks associated with preserving 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 impact, effectively shielding your assets.
Contact our firm at 469-772-5806 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 safeguard your assets. Whether you’re an individual or a business owner, you can use asset protection to limit what assets creditors can access. Ultimately, the most important aspect of asset protection is:
- To prevent or limit risk by protecting your business and/or personal assets from the claims of creditors.
If you own a business in Collin County, you’ll want to develop a business plan to address important considerations as you get older, including 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 to protect your assets in the event of a lawsuit or creditor claim.
As an individual and/or business owner, you may be unfamiliar with asset protection and business planning. As a result, you might not be aware of the risks associated with a lawsuit or creditor claim and how those factors could affect your wealth and the wealth of your family. An asset-protection plan utilizes legal strategies to keep your assets protected and secure 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).
It’s important to note that the IRS does not have to follow 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 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 out of your name to avoid creditors. Consult with an asset protection lawyer to help you craft a legal plan to reduce risks and keep 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 469-772-5806.
