Many so-called asset protection experts claim that they can shield what their clients hold most valuable. Yet when those claims fall short, assets and income are lost. The founder of Kurland Law Group is an experienced bankruptcy attorney who has succeeded in protecting her clients’ valuable property. She brings a thorough legal knowledge and creative and effective asset protection strategies.
The Kurland Law Group helps residents throughout Maryland with the following aspects of asset protection:
The firm also advises homeowners about the potential pros and cons of reverse mortgages. Sometimes a mortgage company will word the agreement in a way that obscures various fees and costs. The firm’s lawyers help homeowners understand exactly what the proposed reverse mortgage offer entails. Talk to our asset protection lawyer to know more.
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Asset protection is a financial strategy intended to guard your wealth against seizure or other forms of loss. It is an important component of financial planning designed to protect one’s assets from creditor claims. It limits a creditors’ access to certain valuable assets within the boundaries of the debtor-creditor law. Asset protection can legally guard your valuable assets without engaging in illegal practices of fraudulent fund transfer, asset concealment, bankruptcy fraud, contempt, or tax evasion.
While creditors engage in developing and planning for the best debt collection strategies, debtors use asset protection planning for additional security. It involves proactive legal action to protect your personal and business assets from future creditors, lawsuits, divorce, or judgments. Asset protection planning is important to everyone – regardless of age, health, and wealth. A reliable Rockville bankruptcy lawyer can help you understand how asset protection works.
Having a comprehensive asset protection plan prevents or significantly reduces risk by guarding your business and personal assets against the claims of creditors, bankruptcy, lawsuits, and divorce settlements. An asset protection plan involves legal strategies put in place before a lawsuit or claim arises. It can deter a potential claimant or help prevent the seizure of your hard earned assets after a judgment.
Asset protection planning provides many benefits to an individual’s financial future. It is crucial to prepare an asset protection plan before a claim, liability, or lawsuit occurs. A credible Rockville asset protection lawyer can help you understand the reasons why you should consider asset protection.
Asset protection can deter a lawsuit and help prevent the seizure of your assets in the event of a judgment. Asset protection planning guards your assets against creditors or anyone who may sue you and obtain a judgment for any reason. You can place some assets out of reach of these creditors so that they can be safe even if the judgment is substantial. Little to no assets are within reach of a judgment, placing the debtor in a powerful position. After establishing a proper asset protection plan, you are no longer considered an easy target to creditors.
One of the benefits of asset protection planning is the privacy of ownership. You can legally own real property and other forms of wealth privately. In this case, it reduces your “visible” net worth and prevents predatory legal attacks or frivolous lawsuits. Proper asset protection planning can help remove your assets from the public eye, making them harder to associate with you.
Asset protection planning is extremely important given today’s litigious society. As you accumulate wealth and assets, you become a potential target of creditors and predators. Various asset protection tools can be used to protect different types of assets. A knowledgeable asset protection lawyer in Rockville MD can help you know these strategies and understand how they work. By using the different asset protection techniques, it becomes more difficult for a creditor to find or seize your assets.
Asset protection strategies include the use of business entities, trusts, and partnerships to protect your assets in the event of a lawsuit. This is especially true for distinguishing between business and personal assets. Owners of corporations, LPs, and LLCs are usually protected by the government through limited liability laws.
In this case, individual owners are not held accountable for the organization’s debt. If the debt belongs to the owner, they will not lose funds registered in the company against the creditor’s claim or lawsuit. A top-ranking Rockville asset protection lawyer can guide you through determining which legal entity is right for you to protect your assets.
Basic estate planning techniques such as establishing an asset protection trust can help define ownership of assets and protect both you and your family’s future. An asset protection trust (APT) is a type of trust bank that holds assets based on the discretion of the settlor. Individuals choose to transfer their funds in an APT as a means of protection against creditors’ claims.
After the transfer of the ownership, owners become beneficiaries, with control over the trust assets but no ability to revoke the trust. Since trust assets do not belong to the owner, creditors cannot claim or seize them. Although the owner will not lose the assets, they cannot use them either. Therefore, the assets are protected from creditors without breaching tax evasion laws.
You may transfer your legal rights to an asset to your spouse, relative, or a trusted friend to protect it from creditors’ claims. This way, the assets will not be directly tied to the owner. However, this strategy presents a huge risk in case of a conflict with a family member or a loved one since they will be the legal owner of the assets. Usually, the more liquid assets you have, the greater the risk of losing them if not protected. Although the beneficiaries become the new owner, the actual owner can still use the property.
There is no substitute for an attorney with a comprehensive background and track record of success in asset protection. For more than two decades, Kurland Law Group has helped Maryland residents with Chapter 7 filings and Chapter 13 debt restructuring and shielding valuable assets from collection actions and lawsuits. The firm’s attorneys have helped clients avoid foreclosure of their primary residences or second homes through loan modifications.
Small business struggles should not adversely affect personal or marital assets. Financial difficulties should not lead to foreclosure or repossession actions. Clients who take a proactive approach in contacting Kurland Law Group can secure peace of mind, a valuable asset itself.
Besides protecting assets against potential litigation, judgments, and liens, asset planning can also protect you and your loved ones from fraud and financial abuse. Our competent Rockville asset protection lawyers at Kurland Law Group will create a risk management strategy and recommend the most effective ways to protect your wealth. Our bankruptcy law firm has years of experience in providing legal services to business owners, entrepreneurs, professionals, and families to safeguard assets and secure a better future.
Contact the Rockville lawyers at Kurland Law Group to arrange a free phone consultation and discuss asset protection strategies.
Kurland Law Group is a debt relief agency. The firm helps people file for bankruptcy relief under the Bankruptcy Code.
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