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Asset Protection FAQs

What does insurance have to do with asset protection?

Having adequate insurance is always the first line of defense when it comes to protecting your assets. Be sure your coverage is sufficient for the value of your holdings.

When is the best time to develop an Asset Protection plan?

An Asset Protection plan should be put into place before you have a problem. Moving assets out of reach of a creditor after you learn of a problem may be considered a fraudulent conveyance. It is important to plan ahead.

I am starting a new business. Does it matter in which state I choose to form my business?

Yes it does. Certain states’ statutes are better than others. If possible you want to choose a state with a charging order statute and case law. It is important that the statute be incorporated in the Operating Agreement. The attorneys at DBL can advise you.

I already own my rental property in an LLC but when my tenants pay their rent, I just deposit the checks into my personal bank account. Is that ok?

No. It is important to maintain separate accounts and keep all monies strictly separated. Never co-mingle the funds! This is critical so that it is clear to a creditor – and a judge – that your LLC is a legitimate entity.

Contact us using the form on the right, or call our office today if you have other questions.

Industries

  • Entrepreneurs
  • Financial Institutions

Related Blogs

  • "Creditor Claims Asserted Through Probate"
  • "Who to Trust as a Trustee?"
  • "3 Reasons to Have an Estate Plan for Your Business"
  • "How TCJA Affects Personal Causality Deductions"
  • "Can a No-Contest Clause Prevent My Heirs from Fighting Over My Estate?"
  • "Limited Liability Companies Becoming Entity of Choice for New Businesses"

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Private: Leesburg Old
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Industries

  • Entrepreneurs
  • Financial Institutions

Related Blogs

  • "Creditor Claims Asserted Through Probate"
  • "Who to Trust as a Trustee?"
  • "3 Reasons to Have an Estate Plan for Your Business"
  • "How TCJA Affects Personal Causality Deductions"
  • "Can a No-Contest Clause Prevent My Heirs from Fighting Over My Estate?"
  • "Limited Liability Companies Becoming Entity of Choice for New Businesses"

Contact Us

  • This field is for validation purposes and should be left unchanged.
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