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Asset Protection & Business Planning Lawyers in Collines Gardens, 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 identify these risks in advance and minimize their impact, shielding your assets.
Contact our firm at 430-202-6461 to learn more about our asset protection and business planning services today!
The Importance of Asset Protection in Collines Gardens
Asset protection involves creating a legal strategy to safeguard your assets. As an individual or business owner, asset protection allows you to limit which assets creditors can access. Ultimately, the most crucial aspect of asset protection is:
- Preventing or limiting risks by protecting your business and/or personal assets from creditors’ claims.
If you own a business, it’s important to develop a business plan to address essential questions as you age. For example, you may need to plan who will take over your business when you retire or pass away.
How Asset-Protection Plans Can Help
Our attorneys at the Law Office of Bryan Fagan, PLLC are experienced in helping clients create comprehensive asset-protection plans. These plans can protect your assets if you are faced with a lawsuit or creditor claim.
As an individual or business owner, you may be unfamiliar with asset protection and business planning. This could leave you unaware of the risks associated with lawsuits or claims, which can significantly affect your wealth and your family’s financial security. An asset-protection plan employs legal strategies to shield your assets and keep them in your family.
Which Assets Are Exempt in the State of Texas?
Texas law protects the following assets from creditors:
- Your homestead (the land and home you own)
- Personal property (market value considerations apply)
- IRAs, 401(k)s, life insurance, and college savings plans
- Two horses, mules or donkeys, along with a saddle, blanket, and bridle for each (a unique Texas exception)
It should be noted that the IRS does not have to abide by the state’s exemptions. For more details, consult with a lawyer to understand how these exemptions might affect you and your assets.
Which Assets Are Not Exempt in the State of Texas?
The following assets are not protected from creditors under Texas law:
- Money in your checking or savings accounts
- Assets invested into your business
Creating an Asset Protection Plan Today
You cannot create an asset protection plan after a creditor files a claim against you. It must be done beforehand because laws prevent the transfer of assets to avoid creditors. Consult with an asset protection lawyer to help you develop a legal strategy that reduces risks and protects your important assets.
If you have questions regarding asset protection and business planning, reach out to our team online or call us at 430-202-6461.
