Kingwood, TX Asset Protection & Business Strategy Attorneys
Dedicated to Safeguarding Your Wealth at Our Law Firm
In both personal and business contexts, maintaining assets is only a part of wealth preservation. There are inherent risks in conserving wealth, such as protecting your assets or business from potential creditor claims and legal disputes. A skilled attorney specializing in asset protection and business planning can help you identify these risks beforehand and reduce their impacts, safeguarding your wealth.
Contact our firm at (281) 810-9760 to learn more about our asset protection and business planning services today!
The Significance of Asset Protection in Texas
Asset protection involves devising a sound legal strategy to shield your assets. Both individuals and business owners can employ asset protection to restrict the assets that creditors can reach. The key aspect of asset protection is:
Mitigating or restricting risk by safeguarding your personal and/or business assets from creditor claims.
If you’re a business owner, formulating a business plan to address significant questions as you age is crucial. You may need to decide who will inherit your business when you retire or pass away.
How Asset-Protection Plans Can Help
Our attorneys at Bryan Fagan Law Office can assist you in developing a thorough asset-protection plan to secure your assets in the event of a lawsuit or creditor claim.
As an individual or business owner, you may not be familiar with asset protection and business planning. Consequently, you might be unaware of the risks a lawsuit or claim poses to your wealth and your family’s wealth. An asset-protection plan uses legal tactics to protect your assets and keep them within your family.
Which Assets Are Exempt in the State of Texas?
The state of Texas protects the following assets from creditors:
- Your primary residence (the land and home you own).
- Personal property (subject to market value considerations).
- IRAs, 401(k)s, life insurance policies, and college savings plans.
- “Two horses, mules or donkeys, and a saddle, blanket, and bridle for each.” (This is Texas, after all)
It’s worth noting that the Internal Revenue Service (IRS) is not bound by the state’s exemptions. Consult with an attorney for more information on how this affects you and your assets.
What Assets Are Not Exempt in Texas?
The following assets are not protected from creditors under Texas law:
- Money that is in your checking or savings account(s).
- Assets invested in your business.
Creating an Asset Protection Plan Today
It’s crucial to create an asset protection plan before a creditor files a claim against you. This is due to laws preventing you from transferring assets out of your name to evade a creditor. Engage an asset protection attorney to help you design a lawful plan to minimize risks and secure your valuable assets.
