Asset protection is a strategically formed game plan to protect your wealth from potential seizing by creditors or claimants. This is a fancy way of saying that, “asset protection allows you to keep your house, car, stocks, cash, bonds, real estate, and business property safe from people or organizations looking to take what you’ve built.”
For example, if you own a real estate property where someone gets injured, you could be held liable for their medical bills, emotional damage, and even out-of-work compensation. This is why it’s vital you hire an asset protection attorney Orange County to help you figure out the best path forward for keeping your assets safe, and beyond the reach of financial predators.
There is no asset protection plan that can 100% guarantee that your assets cannot be reached by claimants; however, there are various steps you can take to deter future lawsuits and help prevent your property from being seized. At Bagla Law Firm, our asset protection attorney Orange County specializes in providing individuals and businesses with top-tier legal counsel on protecting their assets. With our thorough understanding of California and federal laws, we can help you put in place a well-rounded asset protection plan that prioritizes your unique objectives.
One way to protect your business upfront is to choose the right business entity. For example, choosing to start a business as a sole proprietorship or general partnership can put your personal assets at risk should you ever face legal trouble. This is because these two options do not separate your personal assets from your business assets. Instead, you’ll want to set up your business as a corporation, LLC, or limited partnership, depending on your business goals. An asset protection attorney Orange County can help you figure out the best business entity for your business and walk you through the business formation process from the very beginning.
Your asset protection attorney Orange County may even advise you to set up an offshore asset protection strategy whereby your assets are placed in a jurisdiction outside of the U.S. This limits the ability of a United States judge to request access to those assets because they do not hold the same power in a foreign nation.
Remember that not all of these strategies are necessary for every case as each person and business has their own unique needs that ought to be considered. The best way to find out what strategy will best accomplish your goals is to contact an asset protection attorney Orange County to discuss your options.