Asset protection is a set of strategies and legal tools used to protect assets from lawsuits and claims by creditors. Gmac Family Financial can review your assets, risks, and financial goals. Then, the planning process typically includes establishing structures, such as trusts and companies, to create legal barriers between creditors and you, as the debtor. The strategies often use a combination of business and estate planning tools.
A properly established plan performs three primary functions:
Ideally, engage in asset protection planning prior to a lawsuit or cause of action. However, if you have not done so, you can implement it at nearly any time. Every situation is different, so we encourage you to schedule an appointment so that we can review your situation with you and see if there is anything that requires attention.
Note that we are not a law firm or tax firm and do not give legal or tax advice.
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