Asset Protection & Business Planning Lawyers in Houston, 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 determine these risks in advance and minimize their impacts, shielding your assets.
The Importance of Asset Protection in Texas
Asset protection consists of generating a legal strategy to safeguard your assets. An individual or business owner can use asset protection to limit which 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, you will want to create a business plan to address important questions as you get older. You might need to consider who will take over your business when you retire or die.
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 help you protect your assets in the case that you are faced with 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 are unaware of the risks associated with a lawsuit or claim and how those factors could affect your wealth and the wealth of your family. 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?
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, and 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 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 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 make an asset protection plan once a creditor files a claim against you, it must happen before that. This is because there are laws in place that will not allow you to transfer assets out of your name to avoid a creditor. 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 onlineor give us a call at (281) 810-9760.