Asset Protection & Business Planning Attorneys in Humble, TX
Your Trusted Partners in Wealth Preservation
For both individuals and businesses, asset management is a critical aspect of wealth preservation. However, protecting your assets and business from potential creditor claims and lawsuits can be complex. Our experienced Asset Protection and Business Planning Lawyers in Humble, TX, can help you identify potential risks and implement strategies to mitigate them, ensuring the security of your assets.
Get in touch with our team at (713) 564-7029 to discover more about our top-notch asset protection and business planning services!
Why Asset Protection Matters in Texas
Asset protection involves devising a legal strategy to secure your assets. It allows individuals or business owners to control the extent to which creditors can access their assets. The key goal of asset protection is:
Minimizing risk by safeguarding your personal and/or business assets from creditor claims.
As a business owner, creating a business plan to address critical issues as you age is essential. You may need to think about succession planning – deciding who will assume control of your business when you retire or pass away.
The Advantage of an Asset Protection Plan
Our skilled lawyers at the Law Office of Bryan Fagan, PLLC can assist you in developing a comprehensive asset-protection plan. This plan will serve as your shield against any future lawsuits or creditor claims.
If you’re an individual or a business owner unfamiliar with asset protection and business planning, you may not fully understand the risks involved in a lawsuit or claim and how these could impact your and your family’s wealth. An asset protection plan uses legal tactics to secure your assets and ensure they remain within your family.
What Assets Are Exempt in Humble, Texas?
In Texas, the following assets are protected from creditors:
- Your primary residence (your homestead).
- Personal property (subject to market value considerations).
- Retirement accounts like IRAs and 401(k)s, life insurance policies, and college savings plans.
- “Two horses, mules or donkeys, and a saddle, blanket, and bridle for each.” (This is Texas, after all!)
Please note that the Internal Revenue Service (IRS) does not adhere to the state’s exemptions. Consult our lawyers for more information on 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 that is in your checking or savings account(s).
- Assets that have been invested into your business.
Creating an Asset Protection Plan Today
You cannot establish an asset protection plan once a creditor has filed a claim against you. It must be done beforehand due to laws preventing you from transferring assets out of your name to evade a creditor. Engage our asset protection lawyers to help you devise a legal plan to mitigate risks and secure your valuable assets.
