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Posted on Friday, July 24th, 2020
Asset protection is a major area of concern for owners of any form of property. This is necessary when a property owner would like to keep their assets safe from any possible creditor during the time the property is in their possession. There are a number of ways this can be done, and Central Florida real estate attorneys can walk you through the options that are available to you. While there are many types of protections that can be put in place, there are five options that are the best to choose. Lawyers at Nishad Khan PL specialize in assisting clients with making the best choice based on their asset protection needs.
5 Best Asset Protection Tools
Central Florida real estate attorneys will explain how each of the following types of protections help preserve your assets in the event that a creditor attempts so attach a lien against any of your assets:
-Homestead Property. When real estate is designated as homestead property, it is eligible for exemptions from creditors’ claims, which means that, in most circumstances, the owner is protected from a forced sale of the property arising from a debt.
-Owning Assets as Tenants by Entirety. This protects married couples who are joint owners of property. In these instances, a creditor generally, will not be successful in attaching a lien against a property that it owned by a married couple as Tenant by Entirety unless both spouses actually consent to the financial obligation.
-Using an Entity to Hold Assets. An entity may be structured so that any assets owned by it cannot be seized by any creditors’ claims arising from any of the owners’ personal debts and financial obligations.
-Using an Entity to Protect Yourself from Personal Liability. In a properly managed entity,owners are generally not be personally responsible for any debts of the entity in the event that the entity suffers losses.
As a property owner, you should only trust the protection of your assets with an experienced attorney. Contact Nishad Khan PL for a consultation to learn more.