Asset Protection & Business Planning Lawyers in Dallas, TX
Protect Your Wealth with Experienced Legal Counsel
When it comes to securing your financial future, asset protection and business planning are crucial elements. Whether you’re an individual looking to safeguard personal assets or a business owner aiming to secure your company’s future, the risks associated with lawsuits and creditor claims can jeopardize what you’ve worked hard to build. Our team of dedicated asset protection and business planning attorneys in Dallas, TX, is committed to helping you protect your wealth from these threats.
Contact us today at (713) 715-1405 to learn more about our asset protection and business planning services and how we can assist you in securing your financial future.
Why Asset Protection is Essential in Dallas, TX
Asset protection is the process of using legal strategies to shield your assets from creditors, lawsuits, and other financial risks. Dallas, with its thriving business environment and growing economy, is a great place for entrepreneurs, business owners, and individuals to build wealth—but it also exposes you to certain risks. Whether it’s personal liability or business-related lawsuits, protecting your assets is a vital part of financial planning.
The ultimate goal of asset protection is to prevent or limit risks that could expose your personal or business assets to creditors. If you’re a business owner in Dallas, it’s important to have a business plan in place that also addresses key concerns about the future of your business, especially when it comes to retirement or succession planning.
How Asset Protection Plans Can Help You in Dallas
Our experienced attorneys at the Law Office of Bryan Fagan, PLLC can help you design a customized asset protection plan that reduces the risk of losing your wealth due to unforeseen events like lawsuits or creditor claims.
If you’re unfamiliar with asset protection strategies, it can be easy to overlook the risks that could endanger your wealth and the financial future of your family. However, our team can help you implement legal strategies that keep your assets safe and ensure they stay within your family.
Which Assets Are Exempt from Creditors in Texas?
Texas has strong asset protection laws, allowing individuals and business owners to protect certain types of assets from creditors. Some of the primary assets that are exempt from creditor claims under Texas law include:
- Homestead Protection: Your primary residence, including the land and home you own, is protected from most creditor claims.
- Personal Property: Certain personal property, including clothing, furniture, and tools, is protected within certain market value limits.
- Retirement Accounts: Texas law offers protection for assets in retirement accounts, such as IRAs, 401(k)s, life insurance policies, and college savings plans.
- Farm Animals: In Texas, you can protect two horses, mules, or donkeys, along with associated saddles, blankets, and bridles (a unique Texas benefit!).
While these exemptions offer substantial protection, it’s important to remember that federal agencies like the IRS do not have to abide by Texas’ exemptions. Speak with a qualified lawyer to better understand how these protections apply to your specific situation.
Which Assets Are Not Exempt in Texas?
While many assets are protected under Texas law, there are some exceptions. Assets that are not protected include:
- Cash: Funds in checking and savings accounts are generally not exempt from creditor claims.
- Business Investments: Assets that are invested in your business may not be protected from creditor actions.
Creating Your Asset Protection Plan in Dallas
A key factor to successful asset protection is acting before a lawsuit or creditor claim is filed. Once a creditor has initiated legal action, it’s too late to transfer assets to protect them. Texas law prevents individuals from transferring assets in order to avoid creditors.
To ensure your assets are properly protected, it’s crucial to consult with an experienced asset protection lawyer. We can help you develop a legal plan that safeguards your wealth and complies with Texas laws.
Get Started with Your Asset Protection and Business Planning Today in Dallas, TX
Your financial future should not be left to chance. Having the right legal guidance is essential to protect your wealth from unpredictable financial threats. Contact our firm today at (713) 715-1405 or reach out online to learn more about how we can help you create a personalized asset protection and business planning strategy in Dallas, TX.
Let us help you secure your financial future and protect the wealth you’ve worked so hard to build.
