It’s a common misconception that asset protection is only for the wealthy, but that’s not true. Any person who has creditors or is at risk of being sued would benefit from using a skilled attorney. The purpose of an asset protection plan is to safeguard your estate and valuables by putting arrangements in place within the limits of debtor-creditor law in Pennsylvania. An asset protection attorney in Pittsburgh can develop a strategy for you that would limit third-party access to your assets.
This article will educate you on when to hire an attorney and what you can expect from their services.
How to Determine if You Need to Hire an Asset Protection Attorney?
To begin, you should know that an asset protection strategy is for anyone looking to preserve their property from others. Some professions that might benefit from asset protection plans include doctors, dentists, CPAs, business owners, or rental property owners.
Additionally, there are other ways to help you determine if working with a Pittsburgh asset protection attorney is suitable for you. If you answer yes to any of the below questions, it might be a good time to contact a lawyer.
- Do you want to protect your IRAs or 401ks from certain family members?
- Do you want to reduce or avoid death taxes?
- Do you want to protect your assets from your beneficiary’s creditors?
- Do you want to protect your home from being used as a repayment option if you need to apply for Medicaid?
- Do you want to protect your estate from being used to pay for long-term medical care?
- Do you need to reduce your PA and Federal Inheritance Tax or Capital Gains Tax?
5 Ways an Asset Protection Attorney in Pittsburgh Can Help You
There’s no substitute for an expert; that’s why working with an asset protection attorney in Pittsburgh is the best solution available. However, attempting to work with an amateur or DIY asset protection program can only lead to unintended consequences (seizure of your property or legal disputes).
Here are five reasons why working with an experienced lawyer will offer the best, most powerful defense for your possessions.
#1 An Expert in Pennsylvania Laws
Asset protection lawyers specialize in laws that pertain to Wills, Probate, property rights, Trusts, and taxes.
#2 Familiar with Different Strategies and Barriers
As someone who regularly works on protection plans, they know the best course of action to protect your assets or develop an approach that would lead to a settlement in your favor.
Potential strategies include:
- Move funds to a Trust
- Retitle assets
- Use liability insurance for homes or businesses
- Increase IRA or 401k contributions
#3 Develop Customized Plans
Your lawyer will take the time to get to know you and thoroughly review your assets to determine the best course of action.
#4 Anticipate Potential and Future Problems
As an expert, your attorney can foresee potential threats to your estate early on and develop a plan to protect it.
#5 Adjust Plans as Needed
If life circumstances change, it’s easy to contact your lawyer to make any necessary adjustments.
It’s Time to Protect Your Assets!
Rebecca A. Auld is a well-respected and trusted asset protection attorney in Pittsburgh. She works with many local families and businesses, regularly educating them on their unique situations, and she can help you.
Contact Rebecca and schedule your free consultation to begin protecting your estate.