Asset Protection

Asset protection planning is about protecting your assets from creditors. Anyone can get sued. Lawsuits can stem from car accidents, credit card debt, bank foreclosures, or unhappy customers, among many other things. If someone wins a monetary judgment against you, your family could become bankrupt trying to pay it off. To keep your assets away from creditors, you need to move them somewhere where creditors can’t reach them. Asset protection techniques include maximizing contributions to IRAs, moving funds to an irrevocable trust, re-titling various assets, or using limited liability companies or family limited partnerships are all possible options. To develop an asset protection plan, you will need to speak with us to discuss your short – and long-term financial goals. This will help us create a plan that will work for you. It is important to note that asset protection planning only works if you act before you are sued. Under North Dakota law, you may not defraud current creditors. If you are already being sued or if you know you are going to be sued and you transfer assets so that creditors can’t reach them, the court will reverse the transfer. That is why it is a good idea to put a plan into place now.