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.