Asset Protection Attorney in Raleigh Helping Families and Businesses Minimize Losses
One thing about Americans is that we all work to thrive in a system that rewards hard work and dedication to personal and financial growth. It may take years and years to acquire assets and property, and that makes you appreciate it just that much more. The last thing that you’d want to happen is to have it unjustly snatched from you because you weren’t legally protected.
The experienced asset protection attorneys at NC Planning can help you put protections in place in order to defend what you or your business rightfully owns.
Why Is Important to Create An Asset Protection Plan?
As you evolve and grow personally and financially, so does your estate and assets. It’s only right that you protect them from the many risks–and yes, there are many. Some of the many risks that could affect your assets include:
- Failing to prepare by not obtaining the proper insurance coverage
- Being unprepared to cover unexpected expenses
- Guests becoming accidentally injured at your home or another property you own
- Unexpected car accidents that result in property loss or injury
- Business lawsuits that arise as a result of a breach of contract or business dispute
As you can imagine, the list can go on and on. But these risks should not worry you as long as you take the correct steps to protect yourself and your assets from the beginning.
Are Some Assets Exempt in North Carolina?
Many North Carolinians do not know that state and federal laws can actually protect some of your assets from claims and creditors. If an asset is classified as “exempt,” it means that a creditor with a claim against you cannot obtain it.
Here are some of the assets that are considered exempt—and are therefore protected—in the state of North Carolina:
- Certain types of real property
- Life insurance policies
- Assets in 529 plans, up to a certain limit
- Household items, up to a certain limit
- Professional tools, up to a certain limit
- Equity in a vehicle, up to a certain limit
This is not an exhaustive list of assets that are considered exempt in North Carolina. If you’d like to get more clarity on which assets of yours may be exempt or what could be converted, be sure to contact our legal group to help with your asset protection planning. In some cases, an attorney may be able to convert a non-exempt asset into an exempt asset. Tell us more about your unique situation so we can help you determine the best way to protect your assets.
How Can Asset Protection Minimize Liability for Professionals and Business Owners?
Many entrepreneurs don’t take advantage of asset protection as much as they should while building the foundation of their companies and can end up in compromised financial positions.
This is especially true if you’re the sole proprietor of the company. When lawsuits are filed against sole proprietors, the owner’s personal assets are on the line as well as their professional assets.
Of course, there are different types of businesses that can benefit from various types of asset protection. Discussing your goals and needs with an asset protection attorney is the best way to defend what you’ve worked so hard to acquire. Don’t get taken advantage of by being caught off guard or unprepared. The team of asset protection attorneys at NC Planning is here to help you think ahead.
Protect Yourself, Your Loved Ones, and Your Professional Ventures With Help From Our Asset Protection Attorneys
NC Planning has your back. Our team makes sure that you cover all your bases by exploring the current asset protection plan you have in place. We will analyze this plan to identify weaknesses and areas that need to be improved upon. Then, we will work with you to strengthen your asset protection plan as quickly as possible. At NC Planning, we work tirelessly to make sure you’re covered at all times and that your asset protection plan evolves with you as your assets grow.
The best way to determine how to create an asset protection plan that fits your needs is to meet with one of our lawyers today. Give us a call at (919) 900 4720 to schedule a consultation before you’re faced with a lawsuit.