Fullerton Asset Protection Attorneys
Serving All of Orange County, Southern California, and Bellevue, WA
Asset protection planning involves:
- Making prudent decisions today to protect yourself
- Your business
- 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 there is a staggering number of:
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 and Bellevue can assist you with all these strategies.
Call (657) 500-0410 or book your free 15-minute virtual consultation to learn more.
How Can You Best Protect Your Assets?
Realistically there isn’t a single best way to protect your assets. However, one of the best ways is by forming a trust during estate planning.
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 management benefits.
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 and Bellevue asset protection attorneys at 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. OC Elder Law serves clients throughout Orange County.
Discuss your rights and options with our team by calling (657) 500-0410. If you are ready to move forward with your estate planning, click here to book your 90-minute planning consultation.
Work with compassionate and experienced estate planning and elder law attorneys who will help you plan for the unknown and protect you and your loved ones.
Meet the Crew
Compassion, Experience & Integrity
Marty Burbank Attorney
What Sets Us Apart
Over Three Decades of Experience & Service the Community
Home Visits Available for Those Who Are Unable to Travel
Services Available in Spanish & Korean
Free 30 Minute Evaluation