Asset Protection Attorney in Hickory, NC Helps Preserve Property
Attentive Hickory lawyer develops individualized plans for varied circumstances
Asset protection planning is essential to ensuring you can enjoy the money you’ve earned and the property you’ve acquired over your lifetime and confidently pass it on to your children and other heirs. Effective planning requires careful analysis of investment opportunities, tax considerations and legal options for holding and managing property. At Donald R. Fuller, Jr., PLLC in Hickory, I give personalized attention to my clients’ financial situations and tailor asset protection plans to their personal needs.
Law firm helps protect clients’ assets against losses from multiple causes
You should consider asset protection planning to prepare for a number of possibilities and eventualities:
- Debt — Heavy debts may expose your assets to attachment by creditors.
- Tax liability — Income taxes and real estate taxes can put heavy bites on property and earning.
- Business losses — If you own a business, your personal assets may be at risk for loans and other obligations you’ve undertaken.
- Disability — If you are disabled from working, it may require you to live off your savings.
- Retirement —A comfortable retirement can be interrupted if a fixed income is unable to keep up with rising expenses.
- Death — Estate planning is essential to make sure your wishes are carried out regarding transfer of your property to your family and other intended beneficiaries.
I have experience creating plans designed to effectively protect my clients’ assets against a full range of contingencies.
Knowledgeable legal practitioner employs multiple tools for asset protection
When you come to me for help with asset protection planning, we will sit down together to review your portfolio and analyze your assets’ potential exposure to liability. We will then explore different means of protecting your assets, including these:
- Trusts and estate planning — A trust includes any of various arrangements in which one person holds property for the benefit or another. Once a trust is created, legal ownership of the property changes, so that it is sheltered from the creator’s credit and tax obligations. Certain trusts allow you to enjoy your property during your lifetime and leave it to designated heirs upon your death. Special needs trusts can make your assets available to family members with disabilities without affecting their entitlement to government benefits.
- Charitable donations — You can reduce your tax liability and shield your assets by gifting to charities and by creating charities of your own, provided all tax laws and other legal requirements are satisfied.
- Business planning — Asset protection should begin when you form your business. Corporations, limited liability companies and limited partnerships may be used to shield your personal assets from debts and other obligations of the business. Proper business succession planning can provide for a smooth transfer of your business share with minimal exposure to tax liability.
- Prenuptial agreements — You can limit disputes over money and property during divorce by reaching an agreement with your spouse before marriage, deciding which property will be remain separately owned and what dispositions will be made if the marriage ends.
Based on my factual analysis and understanding of the applicable laws, I will devise and implement a plan or a set of plans suitable for your needs. Periodically, or as circumstances warrant, I can reevaluate the plan and adjust it to fit your changed needs.
Contact an accomplished North Carolina asset protection attorney
Donald R. Fuller, Jr., PLLC advises clients on a full range of asset protection planning methods. Please call me at 828-639-8188 or contact me online to schedule an appointment at my office in Hickory.