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Home >> Should You Create an Asset Protection Plan?

Should You Create an Asset Protection Plan?

April 17, 2014 by Robert Kulas. Leave a Comment

Asset protection is one of those areas of the law that few people have direct experience with, yet which is nevertheless very important for many people to consider. When you develop an asset action plan, you will create various tools that will allow you to shield your assets from people who are trying to take them. Developing an asset protection plan is something that takes the guidance and assistance of an experienced attorney who can evaluate your unique circumstances and help you create the tools that are most appropriate. However, if you have been considering asset protection and are not sure if it is right for you, here are several questions you might want to ask yourself.

Are you a business owner?

Whether you are a new entrepreneur, or run the family business that you’ve had for years, or even generations, business owners need to consider a wide array of asset protection issues. If a problem confronts your business, how certain are you that the problem will stay isolated? In other words, is it possible that the problem affecting your business could reach into your personal financial affairs? Could you put your personal wealth at risk if your business faces difficult times or is subject to a lawsuit?

Are you in a litigious industry?

Some people are more likely to be sued simply because of the nature of the industry in which they work. Attorneys, doctors, medical professionals, real estate developers, engineers, and others are much more likely to face a lawsuit in their lifetime than those who work in less litigious industries. If you work in a sector that is highly prone to lawsuits, developing asset protection plan is essential. If you don’t properly shield your assets from potential litigation, you run the risk of losing all that you have worked so hard to create.

Do you have a lot of assets?

Even people who do not own their own businesses or who are not in a litigious field can face a high likelihood of being sued if they have a lot of wealth. The reality is that even a simple conflict or problem can balloon into a serious issue for people with valuable assets. If you haven’t taken the proper steps to protect yourself, these small issues can cause serious damage to your personal wealth.

Do you have an asset protection plan that you’ve neglected?

Some people have realized the importance of an asset protection plan but have not done a lot to make sure their plan has been maintained properly. If you developed a plan and have not reviewed it in many years, you need to devote some time to doing so. Sometimes, having a bad plan can be even worse than having no plan at all.

Filed Under: asset protection Tagged With: asset protection

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"Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family."

Janice M
Client Review
August 25, 2020
    

Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

Krissy L.
Client Review
August 25, 2020
    

I have worked with Mr. Kulas & staff before. And they are very professional. I am very satisfied with Mr. Kulas and his staff and give them the highest satisfaction and 5 star rating.

Leo C.
Client Review
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Mr. Kulas and his staff have been extremely helpful & knowledgeable for the over 3 years we have been associated. They are easy to talk to and explain everything without feeling rushed. Very competent and professional.

Mildred W.
Client Review
August 25, 2020
    

I have known Robert Kulas for 20 years since I was co-executor for friends who had Mr. Kulas prepare a Trust for them. When I felt I needed a trust also, I came to him. I have always been completed satisfied with his work and that of his charming, competent staff.

Joan C.
Client Review
August 25, 2020
    

We began our estate plan process in 2004 (12 years ago) and have been pleased with the periodic reviews we have gone through and when changes have been needed the firm has been thorough and professional in making those changes.

L.G.K.
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