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Asset Protection Planning

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Asset Protection Attorney in Raleigh, NC

Asset Protection Planning

Unexpected events can wreak havoc on your property and wealth. Tax collectors, car accidents, medical bills, lawsuits, and lack of insurance represent just a few ways your assets can unexpectedly disappear. However, you can protect your assets from these events. Here at Brady Cobin Law Group, PLLC, our asset protection lawyers help clients across North Carolina protect their assets and find peace of mind.

Certain Assets Exempt from North Carolina Lawsuit Creditors

You may wonder which assets you need to protect. The state of North Carolina excludes certain assets from statisfying your creditors claims: 

  • $35,000 in real or personal property;
  • Real estate held as tenants by the entirety;
  • The first $3,500 in motor vehicles;
  • $2,000 worth of tools used in a trade;
  • Life insurance, where the beneficiary is the debtor’s spouse or child;
  • Retirement plan assets;
  • The fist $25,000 in 529 assets.

However, these assets come with specifications. Therefore, you should confirm the status of these assets with a lawyer before you assume their safety. An asset protection law firm can help you review your assets and clarify what needs protection.

Asset Protection for Family

Asset protection extends beyond your lifetime. When your family and loved ones inherit your assets, they also risk losing those assets. The following scenarios represent how someone can lose their inheritance: 

  • A surviving spouse accidentally leaves property to a new spouse instead of their children.
  • A surviving spouse or child makes poor financial decisions.
  • A child gets divorced.
  • A surviving spouse or child faces medical bills.
  • A surviving spouse or child faces a lawsuit.

For these situations, you can protect these assets with a trust. Trusts make the recipient the sole owner of the inheritance. An experienced asset protection lawyer can guide you through the best trusts for your situation.

Asset Protection Strategies

Many asset protection strategies exist, including forming LLCs, placing assets in another person’s name, and using a trust. Whichever you choose, it will help to protect your assets from creditors and lawsuits. In addition, an experienced attorney can provide you with asset protection plans to keep your belongings safe.

Choosing an Asset Protection Attorney in Raleigh, North Carolina

Brady Cobin Law Group, PLLC, can pair you with an asset protection lawyer to get you started. Call our team at 919-782-3500 today and begin your asset protection plan. If you want to learn more about which belongings you need to protect and how to protect them, our team can help.

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