Fullerton Asset Protection Attorneys
Serving All of Orange County & Southern California
Asset protection planning involves making prudent decisions today to protect
yourself, your business, and your hard-earned assets from loss due to
lawsuits, creditors, or bankruptcies. This type of legal planning is especially
prudent for professionals and business owners whose personal assets could
be at risk due to the nature of their employment.
Statistically and anecdotally, we all know that the number of divorces,
lawsuits, and bankruptcies is staggering. While no one believes lightning
will strike them, wealth created through a lifetime of work, saving, and
investing can be lost overnight if these forms of man-made lightning do
strike. To protect your assets from unexpected disasters, proper risk
management strategies should be given careful consideration. These strategies
include exempting your assets from the claims of creditors, limiting your
liability through legal entities, and transferring your risk through insurance.
Our asset protection attorneys in Fullerton can assist you with all of
(714) 400-2373 or
contact us online to learn more.
Exempting Assets in California
State and federal laws exempt some of your assets from creditors’
claims. Note that while some states allow you to choose either the state
or federal exemptions, in California you must use the state exemptions.
Federal bankruptcy exemptions are not available.
Once you have identified the protected asset classes available to you under
applicable law, you may want to maximize your protection by converting
non-exempt assets into exempt assets.
Limiting Liability for Professionals & Business Owners
Many entrepreneurs operate their businesses as sole proprietors rather
than through a legal entity like a corporation or a limited liability
company. Whether their business is home-based or in the Fortune 500, these
business owners are attracted by the informality of sole proprietorship.
They also want to avoid incurring the fees associated with creating and
maintaining a legal entity. However, in addition to other advantages,
conducting business through a legal entity may offer substantial risk
Lawsuits brought against a sole proprietorship are actually lawsuits against
the owner’s personal assets, while lawsuits against a properly established
and maintained legal entity are considered lawsuits against the entity’s
assets. Nevertheless, the selection of an appropriate legal entity is
critical for managing your risk.
Transferring Risk with Insurance
When was the last time you reviewed the details of your liability insurance
program with your insurance company? Are your policies current? Are the
coverage limits adequate and are the deductibles reasonable? Have you
scrutinized the policies for loopholes? Remember: The fundamental philosophy
of any insurance coverage is to pay a premium you can afford to transfer
a risk you cannot afford. Take time to understand both the risks you have
retained and the risks you have transferred.
Fighting to Protect You & Your Business
With decades of experience, the Fullerton asset protection attorneys OC
Elder Law will be able to smoothly guide you through any legal issues
you may be facing. We know how important your assets are and will do what
it takes to protect you effectively. With offices in Fullerton and Newport
Beach, OC Elder Law serves clients throughout Orange County.
Discuss your rights and options with our team by calling