Asset Protection Lawyer In Oklahoma City, OK
Asset Protection is the process of keeping your assets safe from creditors. In most cases, this must be done before the creditor makes a claim. An asset protection planning law firm provides the necessary support for the best chances of protecting yourself against creditors, who often have many resources to fight you. The creditors you’re likely to face include:
- Lien holders
- Credit card companies
Asset protection trusts are a unique tool that can be used to protect your assets from creditors, lawsuits, and other legal claims. If you are considering setting up an asset protection trust, our asset protection trusts attorney will guide you in every step. However, there are a few things you should know. First, you need to ensure the trust is adequately funded. This means you will need to transfer ownership of your assets into the trust. Second, you need to choose a trustee to manage the trust and its assets. Finally, you need to create a written agreement that outlines the terms of the trust and specifies how the assets will be used. An experienced financial planning attorney can help you make an asset protection trust that meets your specific needs and goals.
Asset protection is often designed to protect you as the trust owner from creditor lawsuits or a forced Medicaid “spend-down.” A Medicaid “spend-down” is a way to lower your income to qualify for Medicaid. You can do this by spending some of your money on medical bills or other expenses. This will help you reach the income limit set by Medicaid to get coverage. Or, it can also be used to prevent potential future creditors from attaching to property left to a beneficiary. However, the option of spending to qualify is often not ideal for most clients.
While your assets can be threatened as subject to claims by creditors and lawsuits, they can also be placed at risk in many other scenarios.
For example, other potential risks to your assets include:
Natural Disasters: Floods, earthquakes, wildfires, etc., can destroy your property and leave you with nothing.
Crime: From theft to burglary to fraud, there are many ways that criminals could target your assets.
Economic Downturns: If the economy takes a turn for the worse, your assets could lose value or even become worthless.
Medical Expenses: An unexpected illness or injury can leave you with expensive medical bills that could eat into your assets.
Personal Or Business Bankruptcy: If you or your business goes bankrupt, creditors may try to seize your assets to satisfy the debt.
Federal Estate Taxes: When you die, your estate may be subject to federal estate taxes, which could reduce the value of your assets.
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As your asset protection planning attorney, Attorney Chase Grant can help you safeguard your assets and interests. Our asset protection planning law firm, based in Oklahoma City, OK, has a robust understanding of asset protection. Further, we tailor our services to meet your specific needs. As your one-stop shop for sound legal advice, our team is committed to providing you with the best possible legal representation. Contact Grant Estate Law today to discuss how we can help you protect your assets during a free consultation.
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