Asset Protection Attorneys in Madison
Our Clients Are a Part of Our Family
The famous phrase “hope for the best, prepare for the worst” may have become somewhat of a cliché in some areas of life, but definitely not when it comes to asset protection. Simply put, asset protection can be defined as making a plan where you prepare for the worst-case scenario, in order to safeguard you, your company and related property, and any of your assets earned over many years of hard labor.
Technically, making the prudent and careful decision of asset protection can safeguard anyone’s personal assets, but this legal fortress is particularly key for any businesses and professionals whose careers place them at even higher risks. At Krause Donovan Estate Law Partners, LLC, we endeavor to provide you with superior support in every circumstance. Get our reliable asset protection lawyers in Madison to help you prepare for the worst while hoping for the best right now.
Did you know that some of your assets can be exempted from ever falling into the tight clutches of creditors? According to both federal and state laws, there are certain types of assets that you can keep safe when creditors come knocking. However, it is crucial to recall that even though you can often select to be exempted by either federal or state qualifiers, there are distinct scenarios where you are required to only use state exemptions from bankruptcy, and federal options will not be allowed.
Since it can be somewhat complicated determining which circumstance applies to you, having our knowledgeable lawyers by your side can help you feel more informed in your decision. After we have helped you identify which assets are legally exempt, we can help increase your protection even further by transforming the assets that used to be non-exempt into new forms that would make them exempt assets.
Transferring Risk with Insurance
It is crucial to have a regular review of not just your current assets, in order to examine whether they are exempt or not, but to check your insurance policies as well to best protect your assets to the fullest.
Some of the actions you should take on a regular basis to safeguard your assets from risk include:
- Reviewing the most pertinent aspects of your individual liability insurance plan with your attorney, as well as insurance professionals
- Checking that insurance policies are the most current, up-to-date versions
- Carefully examining whether such policies contain any loopholes or hidden clauses
- Ensuring that the designated limits of coverage are adequate for your needs
- Making sure that the deductibles set forth by your insurance are reasonable and appropriate to your situation
How Liability for Professionals & Business Owners Can Be Limited
Choosing to operate as single proprietors instead of broad legal entities such as corporations or limited liability companies (LLCs) can be tempting, since you do not have to pay steep legal fees in keeping and managing a legal entity. However, legal entities can often provide safer benefits against risk, since a lawsuit against a single proprietor can more easily damage your own personal assets. To select the most appropriate and protective legal entity, however, can be a complex process without the aid of your knowledgeable asset protection attorneys in Madison.