Asset Protection Planning

Charleston Estate Planning | Asset Protection PlanningAsset protection refers to the legal safeguarding of individual property and possessions against possible lawsuit charges. Asset protection planning is a specific form of estate planning that involves transferring assets which may subject to creditors’ claims, known as nonexempt assets, and placing them outside of the reach of creditors’ claims. Once an asset is no longer within the reach of a creditor’s claim, this asset is known as an exempt asset.

Asset protection planning must be proactive. If a creditor has already pursued legal actions and begun filing a claim against a certain asset, it is no longer possible at this time to reposition this asset as an exempt asset. Our Charleston estate planning attorneys work to understand your short-term financial goals and your long-term professional goals to begin the process of asset protection planning so that creditors cannot press claims against your most valuable assets. Our estate planning attorneys also hope to understand your comprehensive estate planning goals to ensure that the protection of personal assets aligns with these interests.

The integration of financial interests with estate planning interest often outlines the parameters for planning to protect assets. Oftentimes, financial goals and estate planning goals can be competing interests that do not simplistically complement one another. Our estate planning attorneys fortunately understand the intricate dynamics of financial planning and estate planning and will utilize this knowledge to provide individuals, professionals and businesses with a personalized asset protection plan.

The most effective method to protect against potential lawsuit claims is to preemptively outline a plan to protect personal assets. For a business owner, asset protection planning may even protect a client from suffering huge financial losses for charges of professional misconduct, malpractice, civil disability or even criminal punishment.