Asset protection is a crucial aspect of financial planning, particularly if you’re a business owner, a high-net-worth individual, or in a profession that is vulnerable to litigation. In today’s litigious society, it’s essential to ensure that your assets are protected from creditors, lawsuits, and other legal claims. 

To achieve this, you need the advice and guidance of an experienced Asset Protection Attorney like Michelangelo Mortellaro of Mortellaro Law in Tampa. Not all attorneys are created equal, and it’s essential to choose the right one to represent you. Attorney Michelangelo Mortellaro explains what an asset protection attorney is and what you should ask when choosing one. 

What Is an Asset Protection Attorney? 

An asset protection attorney is a lawyer who specializes in helping clients protect their assets from potential risks and threats, such as lawsuits, creditors, and other financial challenges. These attorneys work with clients to develop strategies and structures that can help safeguard their wealth and property, including trusts, limited liability companies (LLCs), and other legal entities. 

They also offer guidance on how to minimize tax liability and avoid legal disputes related to asset protection. The goal of an asset protection attorney is to help clients preserve and grow their wealth over time while minimizing the risks and uncertainties that can threaten their financial security.

What Should I Ask an Asset Protection Attorney?

Here are the top 10 questions to ask an asset protection attorney to be sure they can help you with strong, legal protections.

  1. What is your experience in asset protection law? The first thing you need to know is how much experience the attorney has in asset protection law. It’s vital to choose an attorney who specializes in this area of law rather than a general practitioner. Ask about their years of experience, the types of clients they’ve represented, and whether they’ve handled cases similar to yours.
  2. What asset protection strategies do you recommend? Every individual or business has unique assets, liabilities, and risks. An experienced asset protection attorney will analyze your situation and recommend a tailored asset protection strategy. Ask the attorney what strategies they recommend and why, and how they can help you implement them.
  3. How can I protect my personal assets from business liabilities? If you’re a business owner, it’s essential to protect your personal assets from business liabilities. Ask the attorney how they can help you achieve this, such as forming a limited liability company (LLC), creating a trust, or using insurance.
  4. Can I protect my assets from lawsuits and creditors? Asset protection is all about shielding your assets from lawsuits and creditors. Ask the attorney what strategies they recommend to protect your assets, such as offshore trusts, domestic asset protection trusts, or limited partnerships.
  5. How can I protect my assets from divorce? Divorce can be a significant threat to your assets, especially if you’re a high-net-worth individual. Ask the attorney how they can help you protect your assets from divorce, such as prenuptial agreements, postnuptial agreements, or trusts.
  6. Can I protect my assets from taxes? Taxes can be a significant drain on your assets, particularly if you’re a high-income earner. Ask the attorney how they can help you protect your assets from taxes, such as using tax-efficient structures like LLCs, S-corporations, or trusts.
  7. What is the difference between domestic and offshore asset protection? Domestic and offshore asset protection are two different strategies that an attorney might recommend. Ask the attorney to explain the differences between these strategies, the pros and cons of each, and which one is best suited for your situation.
  8. How can I protect my assets from fraud or embezzlement? If you’re a business owner, you’re vulnerable to fraud or embezzlement by employees or partners. Ask the attorney how they can help you protect your assets from these risks, such as implementing internal controls, insurance, or trusts.
  9. What happens if I’m already facing a lawsuit or legal claim? If you’re already facing a lawsuit or legal claim, it’s crucial to protect your assets immediately. Ask the attorney how they can help you defend against these claims, negotiate a settlement, or implement asset protection strategies to minimize the impact of the claim.
  10. How much does asset protection planning cost? You need to know how much asset protection planning will cost. Ask the attorney about their fee structure, whether they charge by the hour or a flat fee, and what expenses are included in their fee. Also, ask about ongoing maintenance costs for your asset protection plan.

Consult a Tampa Asset Protection Attorney Today! 

Asset protection is completely legal and critical to safeguarding your financial future. An experienced asset protection attorney like Michelangelo Mortellaro can help you explore the various strategies for asset protection and create a formidable legal bastion around your valuable assets. He is more than willing to answer these ten questions and more to demonstrate his expertise and willingness to help you safeguard your future. 

Contact Mortellaro Law in Tampa today at (813) 291-0476 or complete the contact form and ask for a FREE asset protection consultation.