Asset Protection Lawyer Northwest Suburbs Chicago
Our asset protection lawyer in the northwest suburbs of Chicago from Bott & Associates, Ltd. knows that when nothing seems to be going wrong with your business you may be tempted not to protect it the way it needs to be protected. However, problems could crop up at any time, whether it is a disgruntled employee or a creditor with an agenda. When this is the case, you need to know that you have done everything you can to protect your assets. There are many things you do that are preventative, like going for your annual physical or maintaining your car. This can make sure things are running efficiently. It is no different with your business.
What Does Asset Protection Do?
Asset protection planning can be viewed as a branch of estate planning. With estate planning, you are trying to protect your assets, your wealth, your business, and your family by making sure what you have worked hard for will go to the right people and will be safeguarded against people who may want your assets for their own, like creditors.
Are There Ways I Am Already Protecting My Assets?
A Northwest Suburbs of Chicago asset protection lawyer knows that many people already protect their assets at a low level. Two ways you may already be doing this are:
- Investments. Many people have IRAs or 401(k)s. These are protected to a certain degree from creditors if you ever need to file for bankruptcy. One of the best ways you can do this is to make sure you are maximizing contributions.
- Insurance. This is another common form of protection that most people have, whether it is automobile insurance, homeowner’s insurance, or business insurance. It is always best to take time to ensure that your insurance is up-to-date with the assets you have and to make sure you are receiving adequate coverage for what you are worth.
When Is a Good Time to Protect My Assets?
Many people do not start protecting their assets until they run into a problem. Asset protection takes planning and advanced notice and it will not put a Band-Aid on a current problem. That said, working with an attorney who specializes in asset protection planning can help with your current situation and can get you on the right track to avoid future problems. If you would like to begin planning for your future, call Bott & Associates, Ltd. Our asset protection lawyer in northwest suburbs of Chicago, Illinois can help you protect your future.