ARE YOU INTERESTED IN PROTECTING YOUR ASSETS?
Asset Protection is similar to an Estate Plan, but instead of simply avoiding Probate or creating a shield from only separate creditors, Asset Protection protects your Assets from all potential creditors. This process involves an individually tailored plan of protection, implemented around each of your specific Personal or Real Property Assets. A well setup Asset Protection plan will provide various layers of protection, to provide a potential shield for your Assets, from all potential creditors that may attempt to go after your Assets.
Potential creditors may include a landlord/tenant injury lawsuit, suing you from negligently failing to maintain your rental property, a sudden automobile accident or unplanned hospital bills, where the primary insurance policy isn’t sufficient to cover the cost of the injury, or illness, Alimony or child support payments, or from you failing to pay a debt.
Asset Protection combines adding the limited liability protections from a Corporation or a Limited Liability Company, with an Umbrella insurance policy, and other insurance policies, along with potentially changing the ownership of the property, and adding multiple rental leases and sub-leases. A more complex Asset Protection Plan will most likely involve a Pour-Over Will to Revocable or Irrevocable Trust, and can also be transferred, the Real Property ownership, or Entity or Ownership interest, to further shield your Assets from Probate as well.
Having the proper Insurance Policies in place is important, as some potential creditors will not be covered under all situations and under all insurance policies. If the insurance policy doesn’t cover the potential creditor or injury that occurs, that potential creditor may then be able to go after your Assets, if your Asset Protection Plan was poorly planned or setup incorrectly.
It is important to hire an experienced Hawaii Asset Protection Attorney, to determine and setup the best possible Asset Protection Plan to protect your Assets from all potential creditors.
UPCOUNTRY LAW is here to help you every step of the way, with experienced counsel.
TO GET STARTED call UPCOUNTRY LAW at (808) 419-6662, or use our handy CONTACT FORM to begin the process.
***NOTE: this article, advertisement, and website is for general information purposes only and should not be considered as legal advice or does not create an Attorney-Client relationship with UPCOUNTRY LAW or with Attorney Garrett J. Eden, Esq.