Virginia Beach Asset Protection Lawyers
Protecting Those You Love Means Protecting What You Have
Asset protection is a key component of estate planning and financial planning. At The Law Office of Angela N. Manz, we incorporate a variety of asset protection tools and strategies to help you make the most of what you have for your use and enjoyment during your lifetime and to pass on to others when you are gone. Whether you’re an individual, couple, business owner, or retiree, safeguarding your assets against potential threats can make all the difference in ensuring a secure financial future. The Law Office of Angela N. Manz can help. Contact our experienced Virginia Beach asset protection lawyers today.
What Is Asset Protection?
Asset protection describes the methods used to shield one’s assets from potential claims of creditors or litigants. By safeguarding your assets from attack, you can largely discourage lawsuits before they even start by making your estate an unattractive target for potential creditors or vexatious litigants looking for opportunities to attach someone else’s wealth. Asset protection is therefore crucial and provides many benefits:
- Protection Against Increasing Litigation Rates: In today’s litigious environment, the liklihood of being sued is increasing all the time. Even if one believes they’ve done nothing wrong, defense costs can be hefty, and there is always the risk of substantial financial loss. Effective asset protection can help deter lawsuits from being filed in the first place.
- Shield Assets in a Vulnerable Business Environment: Business owners, in particular, need to be wary of the challenges posed by litigations, claims, or potential debts. Ensuring that personal assets remain distinct from business assets is of the utmost importance.
- Peace of Mind: Beyond the tangible financial benefits, asset protection affords individuals the peace of mind that comes from knowing that their hard-earned assets are secure against unforeseen circumstances.
Effective Asset Protection Strategies in Virginia
Asset protection refers to a suite of tools and strategies that can help you protect your valuable property. Some key strategies include:
- Establishing a Trust: Virginia permits the establishment of specific types of trusts that can effectively shield assets. Trusts, when drafted correctly, ensure that the assets within them are beyond the reach of most creditors.
- Limited Liability Companies (LLCs): For business owners or those with rental properties, setting up an LLC to hold property can be an excellent way to protect personal assets from business-related liabilities.
- Homestead Exemption: Virginia’s homestead exemption allows homeowners to protect a certain amount of their home’s equity from creditors.
- Liability Insurance: Comprehensive insurance coverage, including umbrella policies with sufficient coverage to match your assets, can act as the first line of defense against many types of claims.
- Titling: Properly titling assets can help keep them from being too easily attached by creditors.
Avoiding Common Pitfalls When Protecting Assets
Asset protection is intricate, and while it offers numerous benefits, it is crucial to work with an experienced asset protection lawyer to avoid potential mistakes like the following:
- Late Implementation: Waiting until after a lawsuit has been filed or a claim has arisen can prove ineffective and in certain circumstances might be viewed as fraudulent and subject you to penalties.
- Improper Asset Transfer: Merely transferring assets to a family member’s name isn’t a foolproof strategy. Such transfers can be reversed, especially if they are deemed fraudulent. Penalties can follow as well.
- Overlooking Professional Guidance: Given the complexities of asset protection laws in Virginia, it is crucial to consult with a knowledgeable attorney to navigate the process effectively.
Contact The Law Office of Angela N. Manz for Help With Asset Protection in Virginia Beach
Asset protection is not just for the wealthy—it’s for anyone who wishes to safeguard their financial well-being in an unpredictable world. People with estates of all shapes and sizes can take proactive steps to ensure their assets remain protected against potential threats. The Law Office of Angela N. Manz in Virginia Beach offers expert guidance in this arena, ensuring your assets are secure for the future. Call 757-271-6275 to get help today.