Jacksonville Asset Protection Attorney
An asset protection attorney is an excellent resource for anyone who wants to protect themselves from legal risks. If you are sued, then the judgment creditor might try to levy bank accounts, put liens on property, and even foreclose on your assets. These risks are not hypothetical. You could easily lose hard-won assets, all because you are exposed to legal risk.
Almost anyone can benefit from asset protection. Those in certain high-risk occupations, as well as property owners, are most in need of these services, but anyone would benefit. Call Ronald Cutler, P.A. today to talk with a Jacksonville asset protection attorney in a confidential consultation.
What Assets are Protected?
Some assets are already protected from creditors. For example, Florida has a generous homestead exemption, which prevents a creditor from attaching your home. Other laws protect your retirement accounts, like a 401k or an Individual Retirement Account. A judgment creditor can’t get at those assets.
Many clients max out their retirement accounts, which is a way to shield income. But other people need to employ additional asset protection strategies, which we can discuss.
How Does Asset Protection Work?
If you are sued, then someone could try to attach or levy assets. Essentially, they will try to gain possession of your assets in partial satisfaction of the court judgment against you. We can help protect your assets by using different strategies:
- Umbrella insurance. An insurance policy can pay a settlement or jury verdict if you are sued. This is excellent protection, because the judgment creditor will usually agree to accept the insurance proceeds and not try to reach your assets.
- Ownership in a limited liability company (LLC). An LLC offers liability protection to its owners. You could transfer ownership of real estate to the LLC, which means anyone suing the property owner can’t reach our personal assets.
- If an LLC is not for you, you can create a corporation. This is a good way to establish a business, instead of having a sole proprietorship. There is no separation between your sole proprietorship and you as the owner. A corporation offers limited liability to shareholders.
- Offshore accounts. We might create a trust or LLC in a foreign country. It is much harder for a creditor to get access to an account which is located offshore. Not impossible, but harder—and some creditors might give up.
- Retitling real estate. You might transfer real estate to a spouse or child, which protects the asset in the event you are sued.
These are some common asset protection strategies. There are others which might be appropriate for your situation.
Schedule a Consultation with Our Jacksonville Asset Protection Attorneys
Asset protection is a helpful strategy for everyone, not merely the wealthy. Call Ronald Cutler, P.A. today to schedule a meeting with a Jacksonville asset protection attorney. We can discuss what you own and review the legal risks you face. We can then craft tailored asset protection strategies that provide the maximum benefit and peace of mind.
