Asset Protection & Business Planning Lawyers in Comal County, TX
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 preserving wealth, including keeping your assets and/or business away from creditor claims and lawsuits. An experienced asset protection and business planning attorney can help you identify these risks in advance and minimize their impact, 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 Texas
Asset protection involves creating a legal strategy to safeguard your assets. Both individuals and business owners can use asset protection to limit which assets creditors can access. Ultimately, the key 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 that addresses essential questions as you get older. For instance, 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 assist you in creating a comprehensive asset-protection plan. This plan is designed to help protect your assets in the event of a lawsuit or creditor claim.
As an individual or business owner, you may 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 these factors could impact your wealth and the wealth of your family. An asset-protection plan employs legal strategies to help protect your assets and keep them 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 apply).
- 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 should be noted that the Internal Revenue Service (IRS) does not have to adhere to the state’s exemptions. It’s recommended to consult with a lawyer for further 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 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. This must be done beforehand, as there are laws in place that prevent transferring assets out of your name to avoid a creditor. Consult with an asset protection lawyer to 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 430-202-6461.
