Asset Protection

The term “asset protection” means different things to different clients. For some, it involves the simple use of special language within a trust created for their family to protect their property from creditors to the greatest degree possible (i.e., a “Spendthrift Trust”). For others, it involves the need to shelter a multi-million dollar estate from claims related to litigation, taxation, or even divorce. Essentially, anyone with assets—regardless of their quantity or value—has an interest in protecting them. But it is true that some clients, due to the size of their estates, their family circumstances, or the nature of their profession or business affairs, seek more comprehensive lifetime and estate planning to ensure the insulation of their property to the extent allowed by law. For questions related to asset protection within the arena of your estate planning, we invite you to visit the legal team at Garg & Associates.

Many people have a negative view of “asset protection.” Many believe it involves such dubious (or illegal!) practices as tax evasion, hiding of property, or defrauding creditors. Protection of your hard-earned assets, however, need not have a negative connotation, and it should be understood that no unlawful or even questionable practices will be undertaken by a qualified estate planning attorney. The primary objectives when undertaking asset protection of any type are gaining a sense of security and maintaining privacy—not fraud.

Comprehensive asset protection often involves not only an attorney, but a team of financial professionals—likely including a highly qualified financial advisor and a skilled CPA. A thorough plan of protection will involve the sheltered maintenance of assets during your lifetime, as well as the passing of those assets at your death in an insulated manner. Whether the ultimate ends are achieved through the creation of a business entity, trust planning, or other means, it is vital to understand what each planning method will likely accomplish, the level of protection it will offer, and the process it will involve to implement.

Regardless of the size or worth of your estate or the extent of your personal or professional liability, we invite you to visit the Houston Estate Planning attorneys at Garg & Associates to discuss what asset protection is (and just as importantly, what it is not), and how it can relate to your unique circumstances. We look forward to serving these and any related estate planning needs you may have; give us a call today.
We invite you to contact us for a consultation. Call Garg & Associates, PC at 281-362-2865 or complete our contact form.

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Garg & Associates, PC | 21 Waterway Avenue, Suite 300 | The Woodlands, Texas 77380 Please call 281-362-2865 | Fax: 866-743-4506
Serving The Woodlands, Spring, Houston, Conroe, Kingwood, Tomball, Cypress, Huntsville, Cleveland, Stafford, Montgomery County, Harris County, West Oaks, Memorial, Sugar
Land, River Oaks, Alief, Stafford, Missouri City, and Southwest Houston Texas.