{"id":308,"date":"2017-09-26T01:39:43","date_gmt":"2017-09-26T01:39:43","guid":{"rendered":"http:\/\/www.bellehlaw.com\/?p=308"},"modified":"2017-09-26T01:39:43","modified_gmt":"2017-09-26T01:39:43","slug":"3-asset-protection-tips-can-use-now","status":"publish","type":"post","link":"https:\/\/bellehlaw.com\/3-asset-protection-tips-can-use-now\/","title":{"rendered":"3 Asset Protection Tips You Can Use Now"},"content":{"rendered":"<p style=\"text-align: justify;\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-77 alignleft\" src=\"https:\/\/www.bellehlaw.com\/wp-content\/uploads\/2016\/11\/money.jpg\" alt=\"money\" width=\"247\" height=\"170\" \/>A common misconception is that only wealthy families and people in high risk professions need to put together an asset protection plan.\u00a0 But in reality, anyone can be sued.\u00a0 A car accident, foreclosure, unpaid medical bills, or an injured tenant can result in a monetary judgment that will decimate your finances.\u00a0 Below are three tips that you can use right now to protect your assets from creditors, predators and lawsuits.<\/p>\n<strong>\u00a0What Exactly is Asset Protection Planning?<\/strong>\n<p style=\"text-align: justify;\">Before getting to the tips, you need to understand what asset protection planning is all about.\u00a0 In basic terms, asset protection planning is the use of legal structures and strategies to transform property that creditors might snatch away into property that is completely, or, at the very least, partially, protected.<\/p>\n<p style=\"text-align: justify;\">Unfortunately, this type of planning cannot be done as a quick fix for your existing legal problems.\u00a0 Instead, you must put an asset protection plan in place before a lawsuit is imminent, let alone filed at the courthouse.\u00a0 So, now is the time to consider implementing one or more of these tips.<\/p>\nNow, on to the three tips.\n\n<strong>Asset Protection Tip #1 \u2013 Load Up on Liability Insurance\u00a0 <\/strong>\n<p style=\"text-align: justify;\">The first line of defense against liability is insurance, including homeowner\u2019s, automobile, business, professional, malpractice, long-term care and umbrella policies.\u00a0 Liability insurance not only provides a means to pay money damages, it often also includes payment of all or part of the legal fees associated with a lawsuit. If you do not have an umbrella policy, then now is the time to get one since it is relatively inexpensive when compared with more advanced ways to protect your assets.\u00a0 You should also check all of your current insurance policies to determine if your policy limits are in line with your net worth and make adjustments as appropriate.\u00a0 You should then review all of your policies on an annual basis to confirm that the coverage is still adequate and benefits have not been stripped to keep premiums the same.<\/p>\n<strong>Asset Protection Tip #2 \u2013 Maximize Contributions to Your 401(k) or IRA<\/strong>\n<p style=\"text-align: justify;\">Under federal law, tax-favored retirement accounts, including 401(k)s and IRAs (but excluding inherited IRAs) are protected from creditors in bankruptcy (with certain limitations).\u00a0 Therefore, maximizing contributions to your company\u2019s 401(k) plan is not only a smart way to increase your retirement savings, but it will also keep the investments away from creditors, predators and lawsuits.\u00a0 On the other hand, if your company does not offer a 401(k) plan, then start investing in an IRA for the same reasons.<\/p>\n<strong>Asset Protection Tip #3 \u2013 Move Investment Real Estate into a Multi-Member LLC or Land Trust<\/strong>\n<p style=\"text-align: justify;\">If you are a landlord or a real estate flipper or investor, then aside from having good liability insurance, moving your real estate into a multi-member limited liability company (LLC) or land trust can be a great way to help protect your assets from creditors, predators and lawsuits.<\/p>\n<p style=\"text-align: justify;\">There are two types of liability that you should be concerned about with rental or investment property: (1) inside liability (where the rental or investment property is the source of the liability, like a slip and fall on the property, and the creditor wants to seize an LLC owner\u2019s personal assets) and (2) outside liability (where the creditor of an LLC owner wants to seize LLC assets to satisfy the owner\u2019s debt).<\/p>\n<p style=\"text-align: justify;\">An LLC will limit your inside liability related to the real estate, such as a slip and fall accident on the front stairs of the property or a fire caused by faulty wiring located at the property, to the value of the property.\u00a0 In addition, in many states the outside creditor of the member of an LLC cannot get their hands on the member\u2019s ownership interest in the company (in some states this will only work for multi-member LLCs, while in others it will also work for a single member LLC).\u00a0 This type of outside creditor protection is often referred to as \u201ccharging order\u201d protection.\u00a0 This means that a creditor will have to look to your liability insurance and any unprotected assets to collect on their claim.<\/p>\n<p style=\"text-align: justify;\">If you are interested in asset protection planning for your investment real estate using an LLC, then you will need to work with an attorney who understands the LLC laws of the state where your property is located to insure that your LLC will protect you from both inside and outside liability. Contact our law firm today for a consultation <a href=\"https:\/\/www.bellehlaw.com\">www.bellehlaw.com<\/a> or (888) 450-7999 or email us at <a href=\"mailto:info@bellehlaw.com\">info@bellehlaw.com<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>A common misconception is that only wealthy families and people in high risk professions need to put together an asset protection plan.\u00a0 But in reality, anyone can be sued.\u00a0 A [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,36,34],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>3 Asset Protection Tips You Can Use Now - The Belleh Law Group, PLLC<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bellehlaw.com\/3-asset-protection-tips-can-use-now\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"3 Asset Protection Tips You Can Use Now - The Belleh Law Group, PLLC\" \/>\n<meta property=\"og:description\" content=\"A common misconception is that only wealthy families and people in high risk professions need to put together an asset protection plan.\u00a0 But in reality, anyone can be sued.\u00a0 A [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/bellehlaw.com\/3-asset-protection-tips-can-use-now\/\" \/>\n<meta property=\"og:site_name\" content=\"The Belleh Law Group, PLLC\" \/>\n<meta property=\"article:published_time\" content=\"2017-09-26T01:39:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.bellehlaw.com\/wp-content\/uploads\/2016\/11\/money.jpg\" \/>\n<meta name=\"author\" content=\"Owei Z. 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