Asset Protection Attorney in Denver, ColoradoAsset protection is a significant element of financial planning intended to protect assets from creditor claims. Individuals or business entities use asset protection strategies in limiting creditors’ access to seize certain assets while operating within the boundaries of debtor-creditor law. If you own significant personal assets, you may choose to use asset protection to shield your assets in case of a payment default. Regardless of your age, health, and wealth, asset protection planning is an important step in preparing for the good future of your family and loved ones. In this process, you ensure that your children, surviving spouse, and family members will receive financial support after you pass. Ideally, it is advisable to have a plan in place before something bad happens. Asset protection is not a replacement for life insurance, but it can complement your insurance policies to satisfy creditors. The Law Office of Clark Daniel Dray, a credible Denver asset protection lawyer, will help you devise the best asset protection plans for your family’s future. We can guide you in creating trusts and take advantage of various estate planning tools. We will assist you in administering these agreements while successfully resolving any possible disputes. Call us now at (303) 900-8598 to schedule a consultation!
Why is Asset Protection Necessary?Asset protection is very important if you have any money, investments, or property that you want to protect. Alternatively, creditors may come and try to take away your assets for various reasons. If you own a business, you also need to make sure you have a solid financial plan in place to protect your assets. A knowledgeable asset protection lawyer in Colorado can help you understand the significance of asset protection planning. Asset protection is an overall strategy followed by the execution of any of several steps that are recommended by the attorney to give you the best possible protection. While creditors engage in developing and planning for the best debt collection strategies, debtors use asset protection planning for additional security. Asset protection keeps your property and money secure during your lifetime, as well as ensures that you can leave a legacy to loved ones. There are many reasons why asset protection planning is important including:
- The risk of incapacity
- The risk of business losses
- The risk of going into a nursing home
- Losses due to estate tax
- The risks presented by your heirs (Inheritance)