Boca Raton Asset Protection Attorney

Helping Individuals and Business Owners Safeguard Their Wealth

Asset protection is one of the most important components of estate planning. It helps safeguard your assets and minimizes risk exposure. After spending years working hard for your monetary and material valuables – not to mention your business ventures – it is imperative that a solid asset protection plan is established. A comprehensive asset plan not only ensures that your wealth is passed on to future generations according to your specific wishes, but also serves to dissuade creditors from attempting to file lawsuits and stake claim on your money, property, or business.

If you have questions regarding how to best preserve or distribute your assets to loved ones, Ellis Law Group can help. An experienced Boca Raton asset protection attorney at our firm will take the time to review the details of your unique situation, explain the various options available to you, and advise you on the most favorable course of action to take. Contact us today to schedule a confidential consultation.

Who Can Benefit From Establishing an Asset Protection Plan?

Several people can benefit from establishing an asset protection plan. Anyone who has equity in real estate, owns a business, has significant cash savings, trusts, or stocks, stands to inherit assets from loved ones or business partners, or who expects to retain substantial retirement or disability benefits is encouraged to speak with a lawyer experienced in asset protection matters to discuss their options and secure the future of their wealth. We work with you to create a plan that follows your objectives and has your best interests in mind.

If any of the below apply to you, we strongly advise on establishing an asset protection plan:

  • You own multiple properties and the titles are under your name
  • You have not taken out an insurance policy on your home, businesses, retail properties, or vehicles
  • You have joint assets, accounts, or properties
  • You have substantial liquid (cash) assets
  • You have assets held in foreign bank accounts
  • You expect to inherit retirement, disability, Social Security, or trust benefits

Options for Asset Protection

In more ways than one, asset protection can be considered a form of insurance. Insurance that not only protects your wealth, but your legacy in general by preventing your money, property, or business from being taken from you by an individual, other business, or creditor in a lawsuit, and essentially, falling into the wrong hands. Lawsuits can range from claims against an unpaid mortgage, acts of negligence such as a motor vehicle accident or premises liability case, and even claims over IRS tax debt.  

That being said, there are several ways in which you can safeguard your assets – especially from creditors. The process behind asset protection planning involves taking assets that may be otherwise considered “nonexempt” (meaning assets that are subject to creditor claims) and reallocating them into trusts or other wealth management plans that are exempt from creditor takeover. Below, we explore the types of accounts and benefits that are either protected or exempt from creditor claims. If you hold any non-exempt assets, it is in your best interest to speak with a Boca Raton asset protection attorney who can help you determine the most suitable way to prevent your wealth from being subject to creditor or individual lawsuits, such as by transferring ownership or stock to a trust or other options. 

Assets that are protected from creditor claims:

  • Retirement accounts
  • Annuities
  • Life insurance
  • Disability income
  • Social Security benefits
  • Unemployment benefits
  • Custodial accounts held for minor beneficiaries
  • Florida pre-paid college tuition plans
  • Tenancy by the entirety

Assets that are not exempt from creditor claims:

  • Individual accounts
  • Joint accounts
  • Personal property
  • Real property owned by a single person or jointly owned by non-married persons

Contact a Boca Raton Asset Protection Attorney Today to Discuss Your Options

If you have questions regarding the future of your assets or would like to establish a plan to safeguard your wealth, Ellis Law Group is ready to assist. Contact a knowledgeable Boca Raton asset protection attorney at our firm today by phone at 561-910-7500 or online to schedule a consultation.

Latest News

Grounds for Contesting a Will in Florida

Mon Jan 21, 2019

Disposing of one’s money, property, and other assets after one’s death is not a task to be taken lightly. As such, the law imposes a strict set of requirements on individuals wishing to execute a will in order to minimize the chances that there will be errors when distributing the […]

Full Read

Everything You Need to Know About Legal Capacity

Mon Jan 7, 2019

If you have ever witnessed a family member or close friend age into advanced years, you may have noticed that, at times, they do not seem as mentally sharp as they once were. Mental decline is an unfortunate, yet natural, part of the aging process, and it presents challenges for […]

Full Read

What Kinds of Behaviors Are Considered “Undue Influence”?

Mon Dec 31, 2018

In order for a will to be valid in the state of Florida, it must meet several requirements, including that the testator (the person making the will) has the requisite mental capacity to execute a will.  Concerns about the testator’s capacity, such as the testator suffering from dementia or a […]

Full Read
More News