Asset Protection Attorney in Burr Ridge

Asset protection planning involves making prudent decisions today to protect yourself, your business, and your hard-earned assets from loss due to lawsuits, creditors or bankruptcies. This type of legal planning is especially prudent for professionals and business owners, whose personal assets could be at risk due to the nature of their employment. A Riverwoods asset protection attorney in Burr Ridge can help!

Experienced Asset Protection Guidance

Protecting your assets requires more than choosing a single legal tool. Steven H. Peck has more than three decades of experience helping individuals and families develop estate and asset protection strategies based on their financial circumstances and long-term goals.

• Decades of Experience: Steven H. Peck brings more than 30 years of legal experience to estate planning and related matters.

• Personalized Planning: We consider your assets, family circumstances, and objectives when developing an appropriate strategy.

• Proactive Approach: We help you address potential risks before they become immediate legal or financial concerns.

At The Law Offices of Steven H. Peck, Ltd, we provide guidance designed around your specific circumstances rather than relying on a one-size-fits-all strategy. An asset protection attorney in Burr Ridge can help you evaluate available planning tools and determine which options may fit your needs.

How An Asset Protection Attorney In Burr Ridge Can Help Safeguard Your Wealth

Statistically and anecdotally, we all know that the number of divorces, lawsuits and bankruptcies is staggering. While no one believes lightning will strike them, wealth created through a lifetime of work, saving, and investing can be lost overnight if these forms of man-made lightning do strike. To protect your assets from such a disaster, proper risk management strategies should be given careful consideration. These strategies include exempting your assets from the claims of creditors, limiting your liability through legal entities, and transferring your risk through insurance.

What Are Exempting Assets in Illinois?

State and federal laws exempt some of your assets from the claims of creditors. Important to note is that while some states allow you to choose either the state or federal exemptions, in others you must use the state exemptions … and federal bankruptcy exemptions are not available.

Once you have identified the protected asset classes available to you under applicable law, it may be prudent to maximize your protection by converting non-exempt assets into exempt assets. This is why it's important to consider a Riverwoods Asset Protection Attorney to help work through these laws.

Common Asset Protection Strategies

Asset protection does not rely on a single method. We can look at the nature of your assets, potential sources of liability, and your broader financial goals to determine which strategies may be appropriate for your situation.

• Creditor Exemptions: Certain assets may receive protection from creditor claims under applicable law.

• Legal Entities: Business entities can help separate business liabilities from personal assets when properly structured and maintained.

• Trusts: Certain trusts may provide asset protection benefits while also serving broader estate planning purposes.

• Insurance: Appropriate coverage can transfer certain financial risks to an insurer and provide another layer of protection.

• Retirement Accounts: Certain retirement assets may receive protections under federal or state law, depending on the account and circumstances.

The right combination of strategies depends on your assets, liabilities, business interests, and personal circumstances. We can review these factors together and explain how different approaches may fit into your overall asset protection plan.

Limiting Liability for Professionals & Business Owners

Many entrepreneurs operate their businesses as sole proprietors rather than through a legal entity, such as a Corporation or a Limited Liability Company. Whether their business is home-based or in the Fortune 500, these business owners are attracted by the informality of sole proprietorship. They also do not want to incur legal fees to create and maintain a legal entity. However, in addition to other advantages, conducting business through a legal entity may offer substantial risk management benefits.

While lawsuits brought against a sole proprietorship are really lawsuits against the owner’s personal assets, lawsuits against a properly created and maintained legal entity are really lawsuits against the entity’s assets. Nevertheless, the selection of an appropriate legal entity is critical for managing your risk.

Transferring Risk with Insurance

When was the last time you reviewed the details of your liability insurance program with your insurance professionals? Are your policies current? Are the coverage limits adequate and are the deductibles reasonable? Have you scrutinized the policies for loopholes? Remember: the fundamental philosophy of any insurance coverage is to pay a premium you can afford to transfer a risk you cannot afford. Take time to understand both the risks you have retained and the risks you have transferred.

Protect What You Have Worked To Build

Protecting your wealth requires planning before a lawsuit, divorce, bankruptcy, or other financial threat arises. An asset protection attorney in Burr Ridge can help you evaluate strategies such as creditor exemptions, legal entities, trusts, and insurance based on your circumstances. Contact The Law Offices of Steven H. Peck, Ltd today to discuss your asset protection goals and take steps toward protecting what you have built.

Frequently Asked Questions

When should I start planning to protect my assets?

We recommend starting before a lawsuit, creditor claim, divorce, or other financial threat arises. Once a claim or legal problem exists, some planning options may no longer be available, so acting proactively can give you more choices. Early planning can also give us more time to evaluate different strategies and how they fit your circumstances.

How can an asset protection attorney in Burr Ridge help me protect my business assets?

We can review your business structure, personal assets, and potential liabilities to identify areas of risk. This review can help us identify potential gaps in how your personal and business interests are currently protected. An asset protection attorney in Burr Ridge can then discuss legal structures and other strategies that may help separate personal and business assets where appropriate. We can also help you understand how different structures may affect your broader estate and financial planning.

Can I protect my assets from future creditor claims?

Potentially, depending on the type of asset, the applicable laws, and when the planning is completed. The available protections can vary significantly based on how an asset is owned and the nature of the potential creditor claim. We can review your circumstances and explain which creditor protection strategies may be available before a claim arises. The timing and purpose of any asset transfer can be important, so we recommend getting legal guidance before making significant changes.

Does asset protection planning only apply to wealthy individuals?

No. Asset protection can be relevant to anyone who has accumulated property, savings, investments, or business interests they want to protect. We can help you determine whether planning makes sense based on the assets you own and the risks you face. The appropriate strategy will depend on your individual financial situation rather than simply the total value of your assets.

Can insurance be part of my asset protection plan?

Yes. Insurance can be one component of a broader risk management strategy by transferring certain financial risks to an insurer. We can discuss how insurance may work alongside legal planning tools to address different types of potential exposure. Using multiple strategies can provide a more comprehensive approach to managing the risks associated with your assets.