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. Rhonda Miller 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.
Do you have additional questions about asset planning in Fairfax? An asset protection attorney can help. Call Rhonda today to schedule a consultation.