Asset Protection Attorney in San Antonio
Make a Plan to Safeguard Your Family’s Wealth
If you have a significant amount of debt, any assets you intended to set aside for your family can be claimed. Fortunately, there are various ways you can protect your assets for the future. At Aria Law PLLC, we can help clients take advantage of different types of property ownership, irrevocable trusts, and even business entities to preserve what matters to your family.
Our asset protection and estate planning lawyer in San Antonio strives to provide each client with the personalized level of service it takes to match them with solutions that matter. Whether you’re trying to keep property like bank accounts, boats, or real estate safe from your personal creditors, Aria Law PLLC can assess your situation and offer ways to help you achieve your goals.
How You ‘Own’ Your Assets Matters
When it comes to asset protection, how you actually “own” what you own matters. Unless no special arrangements are made by an attorney, everything you have can be counted as part of your personal estate. That means a creditor to whom you owe a significant debt can lay a claim against your bank accounts, real estate, and vehicles when seeking collection.
A Business Entity Can Protect Real Estate & More
Alternative ownership arrangements can make a difference. The Texas Homestead Law may not be enough to keep your primary residence safe from creditors. It certainly doesn’t account for vacation homes, rental properties, or leisure vehicles (like boats) that may be part of your overall investment portfolio and retirement strategy.
It’s not uncommon for people with properties such as these to transfer their ownership to a limited liability company (LLC), limited partnership, or another business entity. By forming a separate legal entity to own property, you can benefit from using it as you normally would with the peace of mind knowing it’s safe from your future creditors.
Likewise, if the business entity you formed is facing problems from its own creditors, the liability protection that LLCs, limited partnerships, and corporations provide can protect your personal assets from collection.
Protect Family Assets with an Irrevocable Trust
Our asset protection attorney in San Antonio can help you form an irrevocable trust to protect assets and property you wish your loved ones to inherit when you pass away. An irrevocable trust is a legal entity that skips probate and most types of estate taxation upon your death – leaving your loved ones with as much of what you originally funded into it as possible.
If you create an irrevocable trust and fund cash, securities, real estate, insurance policies, and business interests into it, these can be protected from your future creditors. There are many different kinds of irrevocable trusts that can provide your beneficiaries with a steady stream of income over time or disburse their property at once upon your death. An important consideration, however, is that you lose control over the terms and property of an irrevocable trust once it is formed and funded.
The key takeaway here is that irrevocable trusts can provide a level of asset protection you need for property you’re willing to set aside now for your loved ones’ benefit in the future.
When it's time to think about your future, Aria Law is prepared to help navigate you through the estate planning process. Get in touch with our team today to discuss your options.