Professionals who are most likely to need asset protection include doctors, attorneys, CEOs of a large corporation and, more recently, real estate investors. However, anyone who has assets that may need insulation from creditors and others may be a candidate for asset protection.
While insurance is an important safeguard, it may not cover all of your assets and you could be personally liable for items not covered under your insurance. To protect your personal assets you need a way to insulate these from creditors and plaintiffs.
Key Legal Elements
One of the most important actions we advise is to flow assets into a trust as a main protector. Corporations can also provide individuals protection, so this is a structure to consider.
It is also important to keep your business in good standing with the State of Michigan so that you are not vulnerable through unpaid taxes.
With our extensive experience in asset protection, Thompson Stewart can provide you the legal tools to gain the protection that you need. Contact us for a free review of your assets.
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