Asset Protection Planning

You have worked very hard to acquire the assets you own, and you do not want to have to replace those assets. However, people are getting sued more often than in the past, and it is entirely possible that you will get a judgment creditor against you during your lifetime.

Very few assets are actually exempt from the claims of creditors. The major categories of assets exempt in Texas include the homestead, retirement benefits, life insurance, and annuities.

Assets not protected include cash, stocks and bonds, bank accounts, certificates of deposit, second residences, ranches, real estate, oil and gas properties, and closely-held businesses.

Once a creditor has an actual claim against you, it may be too late to implement a plan that will safeguard your assets. For more information, please call to speak to one of our asset protection attorneys today.

HF Asset Protection Techniques
  • Create sophisticated limited partnerships to own assets
  • Use limited liability companies to own single purpose assets
  • Create a combination of grantor trusts, limited partnerships, and limited liability companies to own assets
  • Construct a defensive wall to circumference the entire estate from potential claims and frivolous lawsuits
  • Create trusts in jurisdictions with favorable laws
  • Utilize insurance products to protect assets
  • Engage in partition and marital planning
  • Did You Know
  • There are approximately 86,500 practicing attorneys in Texas (3.1 per 1,000 residents.)
  • In 2016, there were 764,936 cases filed in District, County, and Justice courts in Texas.
  • In Texas, there were 41,854 injury cases filed relating to motor vehicles in 2016.
  • In 2016 there were 182,546 general civil cases filed in Texas.
 

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