Raleigh, NC Asset Protection Attorneys Helping Families and Businesses Minimize Loss
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 Raleigh, NC asset protection attorneys at NC Planning can help you put protections in place in order to defend what you or your business rightfully owns.
Planning for the Road Ahead
Imagine falling behind on your debt payments due to something that is entirely out of your control. You are then sued by a creditor who attaches your assets to pay your debt. Such a lawsuit could potentially leave you without the necessities of a home or car. Asset protection can ensure such a scenario never happens.
The best way to fully protect your assets is to speak to experienced Raleigh, NC asset protection attorneys. Asset protection attorneys help individuals and businesses legally protect against lawsuits, bankruptcy, liabilities, and creditor claims. Having a knowledgeable asset protection attorney from NC Planning can help you in the following ways:
- We have a deep understanding of North Carolina asset protection laws. This allows us to legally safeguard your assets and properties.
- Our experienced asset protection attorneys will create a comprehensive asset protection plan to help ensure your properties and assets are safe. We will take your long and short-term goals into consideration as we address all your concerns.
- The asset protection attorneys from NC Planning will ensure the best protection strategies are implemented on your behalf. This includes a deep dive into your financial situation and how it could affect the status of your assets. After a thorough evaluation, we can determine which assets can be transferred, protected, or subjected to a lawsuit.
- Our Raleigh, NC asset protection attorneys protect your assets based on your The plan we create on your behalf and the strategies we implement will be uniquely tailored to your specific situation.
- While there are certain ways to protect assets after the unexpected occurs, the process is much easier—and successful—when you speak to an asset protection attorney before the need arises.
Regardless of your current financial status, you can benefit from speaking to an NC Planning asset protection attorney. Because the process can be complex, it is important that you speak to a professional asset protection attorney who has a deep understanding of asset protection laws. It’s always better to consider asset protection before you actually need it, rather than when the unthinkable has already happened.
What Can Happen When There is No Asset Protection Plan in Place?
If you have not considered an asset protection plan, the unexpected can suddenly threaten your assets and your future. At this point, it could be too late to comprehensively protect your assets. In many cases, protecting your assets must be done early on as serious, adverse consequences could result from waiting too long. These consequences can include:
- You could be required to sell your assets to pay for nursing home care for yourself or your spouse. Long-term care facilities are usually paid for by Medicaid except among the very wealthy. However, Medicaid is needs-based. This means you are only allowed to have a certain level of resources to qualify. Medicaid has a five-year “lookback” period which means you must protect your assets at least five years prior to requiring nursing home care.
- A lawsuit could be filed against you, threatening your personal assets. Should you lose the lawsuit you could have your wages garnished, a lien could be placed on your home, or a claim could be made on your bank account(s). Litigation, in and of itself, is expensive, draining more of your resources.
- If your business is in trouble financially, you could end up going bankrupt personally. When a business is not properly structured, you as the owner and your business will be considered one and the same. Your business will need to be incorporated or otherwise organized as a separate legal entity. Once such protection is in place, if your business is sued, or goes bankrupt, your personal assets will not be affected.
- Incapacitation could result in your dependence on family members if you have no asset protection in place. Family members could be forced to go to court and pursue guardianship in the event of your incapacitation. There might be a fight to gain control of your assets, and you could end up wholly at the mercy of family members.
- Your legacy for your loved ones could be threatened. When assets are lost as a result of no asset protection plan in place, you will not be able to provide for family members or charities.
- As we age, perhaps becoming unable to work, we can face constant financial stress. If you want to spend your golden years enjoying your family and hobbies, having an asset protection plan in place can ensure that happens.
Having an asset protection plan in place can also safeguard your financial privacy by reducing your net worth “visibility.” An individual or entity will search public records to locate your assets for judgment purposes. If none are found, it will be assumed you own nothing tangible to support a judgment. In other words, financial privacy significantly reduces the risks of losing your assets. Further, if your private financial information is on the Internet, unscrupulous people could potentially use this information to steal your assets.
Why Is It Important to Create an Asset Protection Plan?
As you evolve and grow personally and financially, so do 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.
Common Ways to Engage in Raleigh, NC Asset Protection
- LLCs—A limited liability company (LLC) agreement can shield personal assets from lawsuits or creditors that are targeting your business. An LLC creates a separate “identity” for you and your business. (You could still be liable for business debts in the event of business bankruptcy).
- Buy-Sell Agreements stipulate how a partner’s share of a business will be transferred in the event of the partner’s departure, incapacity, or death. A buy-sell agreement can also establish a method to determine a business’s value. A redemption agreement requires the business entity to purchase the interests of the selling owner.
- Liability Insurance can protect your home and business assets in the event of a lawsuit.
- Family Limited Partnerships are often used by doctors but can be used by other businesses as well. By transferring assets to the FLP, those assets can be legally protected from future creditors, preserving assets for family members. These assets can include real estate, interests in the practice, other business interests, intellectual property, bank accounts, stock, bonds, and much more.
- Trusts, including Asset Protection Trusts (APT), can hold an individual’s assets with the purpose of shielding those assets from creditors. Asset protection trusts can offer the strongest protection available against judgments, lawsuits, and creditors, deterring costly litigation before it begins.
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.
How to Select the Best Asset Protection Attorneys for Your Family’s Current Situation and Future Needs
Asset protection can be advantageous for all levels of financial wealth. Regardless of your objectives for asset protection, we will help you achieve your financial purposes. At NC Planning, we believe strongly in open communication with our clients. We are responsive to our client’s needs and believe in accountability. Our Raleigh, NC asset protection attorneys are never judgmental and always compassionate. Every client receives quality legal services and complete personal attention at NC Planning.
How Raleigh, NC Asset Protection Attorneys from NC Planning Will Help You Plan for the Road Ahead
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. We are dedicated to understanding your goals before we make recommendations and to building strong client relationships.
At NC Planning, we work tirelessly to make sure you’re always covered 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) 568-3681 to schedule a consultation before you’re faced with a lawsuit. We have NC Planning Law Offices in Raleigh, NC, and Cary, NC. We look forward to speaking to you regarding safeguarding your assets through an asset protection plan.
