If you want to protect and preserve your hard-earned assets, you must hire an asset protection lawyer. Now the question arises – What is an asset protection lawyer? They help protect your assets from lawsuits by assessing your unique situation and create tailor-made plans to safeguard you and your assets. The field of asset protection is growing at a rapid pace today. We are in a litigious age, and the importance of specialists in asset protection cannot be understated.
If you hire an asset protection lawyer, they will be able to assist you in several ways. With an asset protection lawyer by your side, you don’t have to worry about changes in asset protection plans because of personal and professional reasons.
There are other benefits of hiring an asset protection lawyer. They will let you know about multiple options in regards to safeguarding your assets from lawsuits. It’s on you to decide which plan you opt for. People rely on search engines to get answers for their legal troubles. But when it comes to asset protection, you should rely on a lawyer specializing in it.
This article covers the following topics:
#1. Why Should One Hire an Asset Protection Lawyer?
#2. Preparing for the First Meeting With Attorney
Why Should One Hire an Asset Protection Lawyer?
You must have researched ways to create asset protection plans already. We are sure that you must have already come across some DIY kits saying that it will enable you to create a professional asset protection plan by yourself. Some of these kits also claim that it enables you to set up wills and trusts.
Serious Ramifications of Opting for DIY Kits
We do not deny that these kits seem tempting after all, it can save you the lawyer fees. But before you consider the option of DIY kits, you must think of the serious ramifications that can arise from it. Any wrong move can result in the seizure of your assets that you intended to protect. The asset protection plan is meant to protect your assets but doing it on your own, based on your DIY kits, can result in legal disputes.
There’s no Alternative to a Specialist
The truth is that only a qualified estate lawyer has the expertise to interpret the laws. Doing it on your own can backfire. Even the American Bar Association warns against the DIY route as they know the legal pitfalls that one can face while protecting their assets.
Keep in mind that there are multiple laws that you must know about to safeguards your assets. A DIY asset protection kit won’t be able to cover everything. Hence, there’s no way to make sure that you are taking all necessary steps to safeguard your assets. There’s no one to guide you or make sure that you have covered all the bases under different laws, such as taxes, wills, trusts, taxes, and property rights.
An asset protection lawyer will ensure that all the properties that you own are handled properly. They will also make sure that your personal needs are met. We have a suggestion for you if the reason for looking into DIY kits is money. Come prepared to the meeting with your lawyer as it will save you the hourly legal fees that you shell out for the meeting.
Preparing for the First Meeting
You must prepare for the first meeting with your asset protection attorney once you have decided on one. Do a few things beforehand to prepare for the initial meeting with the lawyer.
Start by calling the offices of the lawyers. It will help you understand if the lawyer is a good fit for you. Does your lawyer’s office have an automatic answering machine? Is a live person is answering the calls? The answer to these questions will indicate if you will get answers to your future questions quickly or not.
Another important factor is the possibility of getting in touch with your lawyers in an emergency. Check if they have any contact numbers that clients can call during nonoffice hours.
What Should you Expect?
Ask some important questions beforehand, such as if there will be charges or not for the initial meeting. But don’t reject the lawyer outright if they say that they will be charging money for the meeting. The reason behind this is that in most situations, a paid meeting is considered well-spent. You are likely to gain far more insights from a paid meeting than what you would have from a free one.
There is one more benefit of opting for a paid meeting. You will go to the meeting well-prepared if you are paying for it. Ask about the long term legal fees and associated costs during the initial meeting itself. You can even request a written financial agreement.
There are multi-pronged benefits of your first meeting with the asset protection lawyer. It will enable you to get to know your lawyer better. It also serves as a perfect setup for both you and your lawyer to decide on the best future recourse to handle your case in the best manner possible.
The first meeting with your attorney must be able to help you foresee the next steps of safeguarding your assets. You must feel positive after the initial meeting. If you’re not getting such feelings after the initial meeting, the attorney may not be the right for you.
Conclusion
There’s no one size fits all approach when it comes to an asset protection plan. It will depend on your unique circumstances, and hence, the complexity and coverage of your asset protection plan will also differ accordingly.
An asset protection lawyer creates a custom plan for protecting your assets from lawsuits. They will also assist you in turning a settlement in your favor, in case you are facing a lawsuit for seizing your assets. Your lawyer will regularly review your asset protection plan to make sure that it is up-to-date. Hence, an asset protection lawyer is a must if you want to protect your assets from lawsuits.
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