Asset Protection Lawyers Pittsburgh, PA
Our asset protection law firm can help you preserve your hard-earned wealth from being taken by creditors
Estate planning includes strategies to protect your assets from creditors. Insurance policies for liability and property losses protect your assets for losses covered in those policies. But claims that exceed your policy limits or are outside the policy coverage can leave your assets at risk to creditors. The skilled asset protection attorneys at Fingeret Law can help preserve what you worked so hard to earn and save.
Keeping your assets safe
One way to keep your assets safe is to increase the limits on your insurance policies. A typical homeowner’s insurance policy or auto insurance policy has a liability limit of $300,000 to $500,000. In the case of a serious claim, the award can be much higher. An umbrella insurance policy kicks in when your other policy limits have been exhausted. A single umbrella policy can provide $1 million or more of additional coverage beyond both your homeowner’s and auto policies.
Each state has its own laws regarding assets that are exempt, or unavailable, to creditors. In many cases, 401K plans and Social Security benefits are exempt. However, in Pennsylvania, contributions of more than $15,000 per year to a SEP IRA are not be exempt. So it is important to contact an asset protection attorney in Pittsburgh at Fingeret Law to ensure that your asset protection plan is effective under the laws of our state.
If you open a business that is not incorporated, any claim against the business puts your personal assets at risk as well. A way to protect your personal assets from creditors is to transfer ownership to your spouse or other family members. This option can only be implemented before there is a claim or lawsuit against you. Once there is a claim, you cannot transfer assets to protect them from creditors.
Creating a partnership or trust
Another option is a Family Limited Partnership. The FLP protects assets against creditors. It also allows the transfer of assets to family members at a lower cost than gift tax and estate tax.
There is also the option of an Asset Protection Trust. These can be costly to set up, but may provide valuable protection for families with high net worth.
There are many tools that can be used for asset protection, but not all are applicable to every situation. A Fingeret Law asset protection lawyer in Pittsburgh, PA can help you determine the asset protection methods that provide the most benefit for you and your family.
Knowledgeable protection of assets
To discuss your specific needs and to find out how our asset protection attorneys can help you, please call Fingeret Law at 412-486-6624 or contact us online. Fingeret Law has served the Greater Pittsburgh community for more than 40 years in the practice areas of elder law, estate planning, asset protection, insurance law, veterans benefits, powers of attorney and guardianship. We travel to clients.