NJ ASSET PROTECTION LAWYER

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ASSET PROTECTION LAWS IN NEW JERSEY

Over your lifetime, you have worked to attain numerous assets that you may hold in high regard as they are a testament to your work ethic and dedication. Your home, business, or capital resources all speak your accomplishments as a productive member of the workforce. However, without proper asset protection, your valuable resources can be seized by various entities such as creditors or debt collectors. If you owe money to any individual or institution and find that repayment might not be possible, it is in your best interest to consult with a New Jersey asset protection attorney in order to safeguard your personal and business assets.
Specific laws in regards to asset protection can vary depending on what state you reside in. In the state of New Jersey, some areas within asset protection laws provide exemptions from creditors for certain assets. These include life insurance, disability insurance, 529 plans or educational IRAs. However, while New Jersey state law offers a safety net for these assets, any other assets you may own are still at risk.
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A look at possible claimants

We’ve mentioned creditors and debt collectors as entities that may go after your assets in order to secure payments, but the truth is there are numerous individuals and institutions that can take this route as well:

  • a spouse or ex-spouse
  • car accident victims
  • home injury victims
  • business partners or associates
  • business shareholders
  • business customers
  • corporate officers or directors
  • consumer debt collectors
  • Medicaid
Unfortunately, this is not an exhaustive list, and in addition, there are many other circumstances that can put your assets at risk. Your spouse may file for divorce and sue for an equal share to be taken out of your net worth. In planning for long-term care, you may find that you’ll need to relinquish some of your assets in order to afford admittance into a nursing home. Exorbitant taxes on certain assets can also leave you with financial losses. However, in any one of these cases, an asset protection lawyer can work with you to make sure that your assets and resources remain secure.

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These are examples of what your asset protection attorney will do for you to help you in the event something like this should happen. You have the right to protect yourself. You have the right to hire an attorney to help protect you.

HOW TO PROTECT YOUR ASSETS

Asset protection lawyers work hard to ensure your assets are protected in the event someone decides to one day file a lawsuit against you. They work to protect your assets in the event your spouse decides to leave you and sue you for half of what is yours. They also work to prepare you by going over your assets and figuring out how you will pay for your nursing home expenses and allocating for that. Long-term care costs are figured so you don’t worry about a potential future lawsuit. Additionally, your asset protection lawyer helps you avoid excess taxation on your assets with different legal methods of protection. Finally, your asset protection attorney is going to create a trust and an estate so that your assets cannot be legally taken to court in case something happens and a creditor comes after you. This also protects your children and grandchildren who might inherit your assets upon your death.

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Questions And Answers

Going through a divorce can be a straining experience, both emotionally and financially. Depending on where you reside, local property laws, alimony laws, as well as local courts can incur exorbitant costs and may look to your assets and properties for payment. With a qualified asset protection lawyer, however, you can be prepared and ensure that your financial resources are secured.
Any automobile accident, even if it is minor, has the potential to bring about a myriad of legal and financial issues. In addition to the costs of repairing any damages to the vehicle involved, you may end up with a lawsuit on your hands due to emotional distress or physical pain endured by other individuals in the accident. Facing claims of this kind can put your finances at risk, so don’t wait to get in touch with an asset protection lawyer for assistance with preserving your resources.
When there is a downturn in the economy, some borrowers may find it increasingly difficult to keep up with their payments on loans. In turn, banks and lenders may seek repayment by looking to any assets and properties owned by a borrower. In many cases, lending groups will not relent in their pursuit of recompense for a loan. As such, your assets may not be secured even with a standard preservation plan such as a revocable trust or equity stripping. In situations like these, you’ll need to get in touch with an experienced asset protection attorney who will be able to create a sound strategy of conservation around your assets. With a strong protective structure in place, banks and lenders may abandon their pursuit of your assets or may open a new agreement for payments.
There are several businesses and professions that are considered financially high-risk, meaning that even with insurance, individuals within these kinds of fields are not entirely protected and could suffer huge financial losses. Some careers that are usually thought of as high-risk are doctors, real estate developers, and small business owners. If you work in one of these areas, consider meeting with an asset protection lawyer. With a strong plan in place, you could preserve your assets while facing any claim that comes your way.
For many people, the idea that they may one day end up in court facing a lawsuit seems impossible. However, lawsuits can come about in an instant—a neighbor trips on your lawn and injures themselves, you accidentally hit someone’s dog with your car while backing out of the driveway, your company puts you on unpaid leave and you default on a loan—each one of these examples, as ordinary as they may be, can lead to a lawsuit against you. However, whether you are facing a potential lawsuit or not, it’s to your benefit to meet with an asset protection attorney and determine the best way to protect your financial resources.
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SHOULD I HIRE AN ATTORNEY?

You might not know the answer to this question right now, and that’s all right. There is no wrong time to protect yourself. You know how you work and live, but you never know if someone else is a person who likes to take advantage of those they perceive is doing well in life. You want to protect yourself against fraudulent lawsuits with this type of protection. It’s what makes your life easier and more enjoyable, and it’s how you can protect what you own as well as your family in the event the worst occurs.

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