If you have fallen behind on a bill payment, your creditor will have the right to attempt to sue you and collect the past due amount through a judgment. If approved, the creditor will have a variety of ways in which they can collect including withdrawing from your bank accounts, forcing you to sell assets,…
What is asset protection and why is it important? Asset protection is, as it sounds, keeping your assets safe from creditors. It is something that you do from the start so that in the event something happens your plan is already in place. It is important because you want to hang on to your money….
When you own a business, there is always a threat of a lawsuit. Though you should do everything the best that you can, you can’t always please everyone. However, it is important that you protect your assets just in case. Here are some tips to do that. Make sure that you have your business set…
A living trust allows you to place your assets into a trust to later be passed on to your beneficiaries upon your passing. This process calls for you to choose a successor trustee who transfers the trust to your beneficiaries. After death, your assets are subject to the lawful debt. The successor will pay your…
Many people are uncomfortable thinking about their passing and put off estate planning, but preparing for this event allows one to ensure that assets are distributed appropriately. Estate planning can also provide benefits while you are alive as irrevocable trusts can help one safeguard assets. Trusts Trusts allow an individual or couple to pass assets…
When judgment proofing has been overlooked it is common practice for a creditor to go after a person or business that does not pay their bill as agreed upon. When this happens, there are a variety of ways that the money awarded in a judgment is collected: Wage garnishment Bank account levy Real estate lien…
If you have been thinking about asset protection, or were advised by someone that it may be wise for you to consider this type of protection, you may wonder what asset protection entails. Asset protection is a type of financial planning that protects assets from creditor claims. Businesses and individuals use asset protection as a way…
When you are thinking about asset protection and estate planning, you may think that the two go hand-in-hand. Sometimes that’s true, but not always. If you go to the trouble of creating a living trust to hold your assets, you think that this keeps them out of creditor’s hands. The common revocable living trust used in estate…
In today’s seemingly sue-happy society, one has to plan for asset protection. You work hard to save money, plan for retirement, and buy stocks, bonds, CDs, real estate, and vehicles. After all, isn’t having financial security considered part of the American dream? It can be scary to think that a resentful neighbor, or an unceasing creditor, can…