Estate Planning Lawyer
If an important component of your estate plan is asset protection, then you’re going to need an attorney that understands the concept. Estate planning can be a complex topic. If you’re interested in a trust, there are several types to choose from. Everyone’s estate plan should be customized to their wealth, assets and goals.
Why do some people choose asset protection? For those with a lot of wealth or with a high risk to said wealth, asset protection is a priority. Before you choose an estate planning lawyer for asset protection, what kind of experience should he or she have?
Lawsuit and Bankruptcy Experience
A lawyer may have experience in lawsuits and bankruptcies. At the very least, your lawyer should have a solid understanding of both. Asset protection is typically used to protect a person against lawsuits, bankruptcies and other liabilities. If you work in a profession where you are likely to face lawsuits, then you must have some form of asset protection. Likewise, if you are going through a bankruptcy, but still want to protect your assets or pass them on to your heirs, you need asset protection to stop creditors and others from getting a hold of your wealth and assets. A lawyer that understands what could happen to your assets will know how to protect said assets.
Financial Experience
Lawyers with financial experience can also bring a lot to the table as asset protection attorneys. These lawyers understand the financial industry. A financial lawyer may have worked for bankers, businesses or government agencies. These lawyers tend to understand investment agreements, lines of credit and other financial contracts that a person might have. In understanding finance, he or she will also understand what you need to do to protect your assets from creditors. If you are in debt or if you are considering bankruptcy, then an asset protection lawyer who has financial experience could be extremely valuable to your case.
Most asset protection attorneys have different areas that they specialize in. While some asset protection attorneys may handle asset protection cases more often, they generally have different experiences that help them understand how to provide you with the best protective vehicle. Estate planning can be complex and if you are interested in asset protection, it could be an even more complex situation. To discuss your case with a professional, consult with an estate planning lawyer, such as from Citadel Law Firm, as soon as possible.
