Asset Preservation Lawyer in Denver
Asset preservation is one of the significant elements of estate planning. It helps protect your assets from litigation and creditors in a way that ensures your assets get distributed to the beneficiaries you selected once you are gone. Asset preservation protects the assets from multiple complex situations like identity theft or divorce.
As this is a matter of your family’s financial security, it is essential to consult an experienced Denver asset preservation lawyer to create the right asset protection plan. Our lawyers will evaluate your situation and create a strong plan to protect your assets and secure your family financially in different situations.
What is Asset Preservation?
Asset preservation or protection is a strategy to protect your assets and prevent creditors from seizing them by utilizing barriers like business partnerships, trusts, and entities. It is important to note that asset preservation is not an insurance replacement. Instead, it complements the insurance to satisfy creditors sufficiently.
How Does Asset Preservation Work?
While your asset preservation lawyer can employ varying strategies to protect the assets, here are some of the common ways asset preservation is used:
- Marriage: The transfer of assets among spouses can be a great way to protect your assets when planned carefully
- Trusts: With the increase in asset value, there is also an increase in your liabilities. Trusts can be an efficient way to protect your assets from judgments and lawsuits against your estate.
- Limited Liability Companies: Business structures, like LLCs, are an excellent way of protecting your assets from creditors. You have the chance to establish a family limited liability or family limited partnership company.
- Insurance: An umbrella policy may be a great option as it can increase your policy scope for asset protection
- State Exemptions: Various necessities, including clothing, food, household goods, and home equity, have various exemption amounts in Colorado. Other miscellaneous items could be exempted as well in case of bankruptcy.
Multiple Asset Preservation Areas
Our asset preservation lawyers in Colorado can help you with various actions related to asset protection. This can include advising, reviewing, and drafting in the following areas:
- Durable Powers: It highlights who has the right to take any financial decisions in the event of your incapacitation
- Medical Powers: It highlights who has the right to make any medical decisions in the event of your incapacitation
- Wills: A correctly drafted will ensure all your assets go to the beneficiaries you intended after you are gone
- Premarital Agreements: It protects your property in case of divorce or protects your business against legal actions linked to the finances of your spouse
Book a Consultation with Asset Preservation Lawyer in Colorado
If you want to protect and preserve your assets from multiple complex situations and circumstances, you must have an experienced legal team by your side. Our asset preservation lawyers in Colorado can help you create a suitable plan to protect your assets and financial future. Call us today for an initial assessment.