Have you ever considered if you could need asset protection? You may brush off the notion, but what if it were put this way — what do you have that you don’t wish to lose?
Asset protection is not just for the insanely rich. Anyone with valuable assets they wish to protect can be at risk for losing them. An Asset Protection Attorney in Tampa from Mortellaro Law can share more about how we can legally shield your assets from seizure or loss from:
- Costs of long-term illness
- Greedy relatives
We can also show you how to shield your assets from being counted toward calculations for receiving Medicaid, allowing you to enjoy these government benefits while still preserving a legacy for your loved ones.
Why Do My Assets Need Protection? | Tampa
Regardless of how you accumulated your assets, they can be at risk of loss by people or entities wishing to seize them. You may think you have little to lose, but a quick review of your situation could prove otherwise:
- Are you a young entrepreneur with growing wealth?
- Have you recently inherited a large sum of money or other valuable property?
- Do you own your home or a vacation home?
- Do you have wealth or assets you wish to pass on to your loved ones?
- Do you own a business, or co-own a company with others?
Valuable assets can be money in various accounts, artwork or other collectibles, real estate, stock in a company, or even digital assets like cryptocurrency. Without significant legal protection, your assets could be at risk from lawsuits, taxation, creditors, or others wishing to take the short route to having what you have worked to earn.
How Does an Asset Protection Attorney in Tampa Help Me?
An Asset Protection Attorney in Tampa can educate you about how Florida law provides different routes for shielding your assets from seizure, unfair taxation, or loss. Your attorney will review your estate and recommend a multifaceted strategy with several layers of protection, tailored for your unique situation and desires.
More than one asset protection measure is usually recommended to virtually surround your assets with protection from different avenues. You may be required to surrender control of some assets for some types of protection, or surrender use of them while still maintaining control of how they are used. This all depends on the asset protection measures you choose to employ.
One important factor to consider right now is timing. The best time to protect your assets is now, before any risk or threat to them materializes. Scrambling at the last moment to protect assets from a lawsuit or creditor is never effective. With layered protection in place beforehand, your worries are eliminated and your future legacy is preserved for your loved ones.
Common Asset Protection Strategies | When Do I Need an Asset Protection Attorney
Which strategies your Asset Protection Attorney in Tampa may recommend will vary. Some are more popular than others, simply due to the fact that many people have similar assets. Other provisions may be unique because of your specific situation. Or, your desired use or future use of the asset may dictate a specific type of asset protection measure.
Common asset protection strategies your Florida attorney may employ can include:
- Retitling property — assets not in your name cannot be touched by those that come after you
- Liability Insurance coverage — basic insurance coverage protects against numerous losses
- Life Insurance — cash life insurance payouts are not subject to probate after your death and cannot be seized
- Retirement accounts — retirement payouts can be structured and protected
- Trusts — numerous trusts remove your assets from probate and other risks
- Holding separate properties in an LLC — an LLC provides separate protections for properties and other assets in their name
- Annuities — these financial investments can offer significant protections
- Gifting assets to family — laws allow certain types and amounts of gifts to family as tax-free and safe from seizure
The Asset Protection Attorneys in Tampa at Mortellaro Law can explain how each of these protections work, and how they can form part of a comprehensive protection strategy for your estate assets and future. Contact us today to schedule a consultation to learn more.