Planning ahead for the future is a task that not everyone gets excited about, but is a very important task. The future can be full of the unknown, and it’s better to be prepared in case of an urgent need to handle a certain situation. Fortunately, the Smith Law Firm has you covered when it comes to asset protection. Your assets are extremely valuable, as they represent parts of your life that you’ve worked hard to achieve. Assets can come in various forms, so let’s explore some of the assets that you can protect by working with a seasoned lawyer from the Smith Law Firm. In this blog, we’re going to explore what exactly asset protection for your real estate is, and why it is important to do to so.
First Things First
First and foremost, setting up asset protection requires getting legal advice and counsel. The lawyers at the Smith Law Firm can help you with this as we can help you with a certified elder law attorney. This provides you with the insight to set up and implement a plan for asset protection to protect your estate proactively. This provides you with the safety net knowing that if there was a “crisis” you would be ready.
Estate planning is an essential aspect for asset protection, as your home and property may be one of the largest investments made in your life, especially if you decided to invest in real estate. One of the first parts in doing so is setting up a land trust, this holds the property, as it is titled to a trust. Because of this, your real estate property is not considered accessible on on an asset search. Land trust gives you the privacy of ownership. This allows you to create the beneficiary as you, or a living trust that will act as an estate planning tool upon the unfortunate circumstance of your passing. This incorporates the estate planning into your asset protection strategy, and helps implement a deterrent into your asset protection plan. The deterrent can make the LLC mortgage the equity, making the property worthless.
Though every asset protection plan is different when it comes to protecting your family home, understanding a general roadmap can highlight the importance of utilizing the legal counsel available at the Smith Law Firm.
If you are ready to be proactive for your future, then it is time to contact us. We allow for a free asset protection analysis, before we implement a plan so that you have a general idea of where to go.