Being able to maintain control of an asset and watch it appreciate or pass it on to family members at some point in the future is something that’s in the plans of many people. However, circumstances can take place that put such assets in danger of being taken away to satisfy litigation judgments against you or your family.
A Valuable Safety Net
Situations like that are why taking steps to achieve asset protection is always a wise approach for any individual, family unit or business. Otherwise, having to pay for acts of negligence or ending up in legal proceedings for payment of debts like foreclosure will make those assets prime targets for satisfying any payments. These can often be those large assets that can be used when such judgments are beyond the scope of a person’s ability to pay.
In many cases that demand such protection, any asset that’s considered nonexempt can be subject to the claims of a creditor. That means that you could end up losing your home to pay off that creditor. However, when you use a real estate lawyer from the Farah Law Firm, we’ll be able to shift such items into the category of exempt assets.
Timing is Everything
The key factor is that asset protection like this has to take place before any litigation begins, since courts will take a dim view of individuals who seek to shield such assets once they’re sued. In addition, once an accident happens or other situation develops, attempting such legal protection even before any legal filing takes place will often be rejected by a judge in the subsequent case because of the fraudulent nature of such actions.
Other Important Factors
In truth, you may not need a real estate lawyer from Farah Law Firm for all aspects of this type of protection. Yet they’re helpful for plotting out strategic moves when it comes to your finances for the near-future or from a long-range perspective. Our legal team can also offer this protection when it comes to making plans for your estate.
Farah’s legal staff can offer cogent advice of the value of things like the establishment of trusts for protecting your assets, limited partnerships or even something like accounts-receivable financing. Real estate issues like home equity are exempt to a certain extent, information that’s invaluable when making such important decisions.
Answering the Call
Getting in touch with a real estate lawyer from Farah Law Firm is the first step in giving you the asset protection you need. Don’t discover the value of such services after the fact. Get in touch with us today!