Winter Park Asset Protection Attorneys

Helping You Protect What Matters for Over 30 Years

Financial planning is often overly complicated or something reserved for the upper tax brackets. However, asset protection is for everyone. Protecting your assets is an integral part of planning your future regardless of age, class, or experience. By taking proactive steps today, you can secure your financial stability for the long term.

At Richard A. Heller, P.A., we offer clients a comprehensive look at their financial options to make informed decisions about their finances. Our high-quality legal professionals thoroughly examine your affairs to build a strategy that will help you protect your valuable assets and your legacy.

Call our Winter Park asset protection lawyers at (407) 501-4052 for a consultation.

What Is Asset Protection?

In simple terms, asset protection is a part of financial planning that strategizes ways to protect your financial assets from creditors or probate after death. By setting up appropriate legal shelters, you can ensure that your assets remain secure from potential disruptions.

Asset protection can also help you decide whether you should pursue bankruptcy or an alternative if you are in a particularly rough financial position. Creditors often scour your finances for opportunities to cash in on debtors. Understanding the options available allows you to make choices that best preserve your financial status. Depending on the value and number of assets in your possession, bankruptcy may be a more favorable option for debt relief.

How Does Asset Protection Work?

The first step in the asset protection process is identifying the debtor. If you are the debtor, you will need to evaluate all financial entanglements that you might have. This can include medical bills, loans, or child support. These things can affect the value of your assets over time, so it is important to get an overview of what you may owe.

Once you identify the debtor, you will need to identify the creditor. Creditors come in all shapes and sizes, from big banks to high-interest lenders. You must understand who you owe money to so you can be sure that whatever measures you take to shield your assets are applicable. In addition, different creditors have varying power over asset seizure, especially if one of your lenders is the government. If you know the nature of your creditors, this helps your asset protection attorneys to craft a fortified defense for your assets.

Taking a deep dive into the nature of the claim is also a critical step in the asset protection process. Lending agreements often have unique claims and limitations that could affect your ability to protect your assets while under the contract. For example, dischargeable claims can be written off by the court, but other claims may be locked in.

Lastly, you will need to determine the nature of the asset. Many assets are exempt from creditor claims, but others may be susceptible to creditors. Homestead exemptions, for example, protect homeowners from foreclosure as a form of debt repayment. However, while your home may be exempt, the creditor could still claim your vehicle. Therefore, always keep track of exemptions that may apply to you.

Once you have completed all of these steps, you can begin to take legal action to protect them from creditors or probate court. Trusts are a common asset protection strategy that could be a viable option for you. However, not all asset strategies are created equal, so consult with an asset protection attorney in Winter Park to determine what options may be right for you. With the right measures in place, you can safeguard your legacy and provide peace of mind for your loved ones.