Here at Carpenter & Lewis PLLC, we understand that you may need an asset protection lawyer in Knoxville, TN. We’re here to put our many years of extensive experience together to give you the best asset protection lawyers in Knoxville, TN so that you know your assets are well looked after. 

An asset protection attorney is your experienced “guide” through the world that is asset protection, and we know it can be daunting. That’s why we’re an approachable group, and you can choose the law that you think will best suit you to work with. 

There’s no need to try to set up your asset protection plan alone, not when we’re here for you. Not every asset protection plan is the same, and you deserve to know what best suits your needs. 

Asset Protection Planning

So the first step in asset protection planning is to understand what this type of attorney does for you. The legal definition of asset protection planning is that it is a concept to protect and guard one’s wealth through strategies that are carefully crafted. And that’s just what you want to do in these cases; protect your wealth, property, and other assets from creditors who are seeking to claim that property and assets for debt. 

Asset protection strategies are used by businesses as small or as large as you can possibly imagine, and by individuals, so they help a lot of people. While it might seem like something that someone with money needs to do and not someone with less, it’s no secret that anybody on this planet can get sued for almost anything. Lawsuits can be from a lot of places, like car accidents, credit card debt, foreclosures, unhappy customers, medical debt, and more. 

And losing those disputes could seriously wound your assets, and destroy your finances, leaving you in extreme debt or bankruptcy. 

Any asset protection plan should begin before a lawsuit is started. The law can make it difficult to block active and current creditors from accessing assets, and implementing protective measures in the middle of a lawsuit just makes things dicey. There are ways to protect yourself after you’re being sued, but it is always better to think preemptively and prepare ahead. 

Courts can reverse the transfer of many assets into protective accounts and may do so so that those assets are under the control of somebody within their jurisdiction, depending on what the lawsuit is about. So you can see why you’d want to create your plan now and have a qualified asset protection lawyer in Knoxville, TN by your side early on. 

Let Carpenter & Lewis PLLC use their many years of knowledge and hard work to serve you and give you an advantage in situations where your assets may come under fire. Trust them to set up your asset protection today. Ensure you inquire after your lawyer’s experience before deciding who to work with so that you know you’re taken care of by someone you can trust and identify with.

Learn More about Asset Protection Planning 

When you have poured your heart into your business and accumulated a large number of assets or expensive assets, you may be thinking that it is time to turn to a lawyer who can help you with asset protection planning. You may be wondering: who are you protecting your assets from? Typically, a person is hoping to protect their assets from future creditors. When you work with a lawyer, you know they will be there to:

• Identify the threats
• Minimize these threats
• Find a better solution

You have worked hard during your life and when you accumulate certain assets, we understand that you are looking forward to using those assets to benefit you in the longer run, whether it is for yourself during your retirement or for your family in the future. 

Is asset protection planning only useful with creditors? 

No. When you work with a trusted lawyer you can also safeguard your assets against things like judgments and divorces. Whether it is legal action or financial planning, your lawyer will describe the different ways you can protect your assets. 

What are ways to protect my assets? 

One way you can protect your assets is by moving them out of your control. One thing that many people choose to do is move their assets into an asset protection trust. This takes the assets out of your hands but it also protects them from creditors trying to take control of them as well. Even if you are still the owner of the assets but you allow someone else to exert a certain amount of control of them, a court will likely see that you are not closely associated with the assets.  

The best time to protect your assets is now. You do not want to wait until you are already running into trouble before attempting to protect them. Thus, if a court finds that you are trying to move things around once an issue with creditors arises, they may circumvent what you are doing with your assets and make sure you are unable to keep moving them around.  

When you need to protect your assets (or are concerned that you will need to in the future), do not wait any longer to get your asset protection plan in place. Your lawyer from Carpenter & Lewis PLLC can help you with your asset protection planning before an issue even arises. 

Call Carpenter & Lewis PLLC today to speak with an asset protection lawyer in Knoxville, TN.