Asset Protection Case Do’s and Don’ts
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As you make plans for your estate, there is a possibility of running into issues protecting your assets. When this happens, you have to create a plan for asset protection to avoid them being seized by creditors. When you make this protection plan, there are steps to take and things to avoid ensuring it works as best as possible. An estate plan law firm in Chicago IL can provide you with the tools necessary for this process. Additionally, Chicago estate planning attorneys serve as legal representation as you work with creditors who may attempt to take your assets. Anthony J. Madonia & Associates helps clients by explaining how they can protect their assets included in their estate plan.
The Do’s and Don’ts of Asset Protection
In an asset protection plan there are steps that are productive and some that hinder your progress. Here are a few things to implement for the plan to work as intended:
•Address issues before they come to you. It is much easier to handle a claim with a creditor before it’s too late and they demand control of your assets.
•Disclose all assets to creditors when requested. Dishonesty only backfires and creates a new set of issues to manage.
•Retain an attorney for legal guidance. Chicago estate planning attorneys can walk you through the process to ensure you have taken care of your responsibilities in this matter.
The following is a list of things to avoid during asset protection plan creation:
•Don’t rely on bankruptcy to handle a claim. Bankruptcy may not “let you off the hook” and you’d still be responsible for paying debts.
•Don’t wait until the last minute. If you delay addressing a claim, it decreases the options you have for mitigating it.
•Don’t rely on offshore accounts for protection. There have been cases where offshore assets have been seized by creditors due to the owner being in the United States.
If you’re in need of an estate plan law firm in Chicago IL to discuss asset protection, contact Anthony J. Madonia & Associates for a consultation.