Could your assets be at risk? What you have is important to you and is therefore important to us. Our Asset Protection Attorneys in Tampa can help protect you against creditors, divorce, lawsuits, and judgments. Michelangelo Mortellaro calls it protection against “creditors, predators, and other mean people.”
He also puts this need into perspective like this: He asks, “If you lost what you have, how bad a day would that be?” No one wants to lose what they’ve worked a lifetime to gain, so protecting your assets is wise.
Explaining Asset Protection
Investopedia defines asset protection as “the adoption of strategies to guard one’s wealth.” It sounds simple enough, but the process can involve significant planning, strategizing, and steps to enact the protection you need. Our Asset Protection Attorneys in Tampa can use legal strategies to shield your assets from creditor claims, frivolous lawsuits, or other attempts at taking them.
This can include the following:
- Retitling property
- Liability Insurance coverage
- Life Insurance
- Retirement accounts
- Holding separate properties in an LLC
- Gifting assets to family
There are also laws in Florida that make certain assets exempt from creditors, like retirement account exclusions and homestead statutes that protect your primary home. An Asset Protection Attorney in Tampa from Mortellaro Law can show you how to take advantage of these and other legal barriers.
Together with other tools, we can raise a multi-layered bastion of legal protections around your assets to prevent their loss.
Why Would I Need Asset Protection?
Millionaires are not the only ones needing asset protection. Creditors and others can come after what you have even if you don’t think it could be at risk. Anything worth having can be desired by someone else. What are some likely scenarios that could see your assets at risk of seizure or judgments?
- You’re a business owner whose employee left the floor wet in your store after cleaning up. A customer slips and falls, sustaining an injury. You are now facing a personal injury lawsuit.
- You’re a rental property owner and a guest becomes injured after falling over a broken step from the deck down to the beach. You are now facing a personal injury lawsuit.
- You’re a commercial property investor with several large industrial properties. One of the companies occupying your property is being investigated for illegally disposing of hazardous materials. You are named in the judgment against them by a government regulatory agency.
- You’re a pretty decent person, but your spouse disagrees — and now he or she is suing you for a disproportionate portion of your assets in a divorce.
Yes, these types of incidents happen all the time and leave individuals and businesses struggling to stay afloat after losing significant assets.
On another note, you may need to protect assets to qualify for Medicaid Long-term Care coverage if you suffer a debilitating health condition. A well-structured Asset protection strategy can also help you keep major assets from being counted in the drastic Medicaid asset and income limits.
Consult Our Local Asset Protection Attorneys in Tampa
When you contact Mortellaro Law about help from our Asset Protection Attorneys in Tampa, we will help you design and implement an asset protection plan with three primary functions:
- Deter lawsuits (because your assets are untouchable)
- Provide leverage during settlement negotiations (because your assets are untouchable)
- Placing your assets beyond the reach of opponents (making your assets untouchable)
What would happen to you and your family if you lost everything? Don’t let that happen! Contact our Asset Protection Attorneys in Tampa at Mortellaro Law to schedule a free consultation about asset protection in Florida.