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Real Estate Asset Protection
Bloomington Real Estate Asset Protection Lawyer
Protecting Your Assets with the Help of a Skilled Attorney
Real estate asset protection refers to legal strategies and mechanisms designed to safeguard real estate assets from potential risks, liabilities, and creditor claims. These protective measures aim to shield valuable properties, such as homes, commercial buildings, and land, from lawsuits, financial setbacks, and other unforeseen circumstances. Common methods include creating legal entities like LLCs or trusts, insurance coverage, and utilizing specific state laws that offer asset protection benefits. Properly implementing asset protection can help property owners mitigate risks and preserve their real estate investments.
You have worked hard to build your assets and provide for your family. You may have a substantial amount of savings in your bank account and valuable possessions in your home. However, if you are injured in an accident or become seriously ill, your savings and possessions may not be enough to protect you and your family from the financial consequences of your medical bills, lost income, and other expenses. Your hard-earned assets may be at risk if you are sued, if you need to make an unexpected healthcare or home repair, or if you need to provide for your loved ones after you pass away.
The attorneys at Sandahl & Damhof, P.A. have the experience and knowledge to help you protect your assets and provide for your family by creating a customized plan for asset protection. We are a team of dedicated attorneys, who are committed to protecting your rights and your assets. We work hard to ensure that you are prepared for the future, so you can continue to provide for your family, regardless of the circumstances.
Call our Bloomington, Burnsville, or Minnetonka office at 612-448-3898 or contact us online to schedule a free initial consultation with one of our skilled and experienced attorneys.
What Is Asset Protection?
Asset protection is a legal strategy utilized by individuals and businesses to protect their assets from creditors. Creditors are anyone who has a claim against your assets, including medical providers, hospitals, other individuals, and the government. Asset protection is designed to protect your assets from creditors so that you can provide for your family and meet your financial obligations without having to worry about losing your savings or your possessions.
There are several types of asset protection strategies, including:
- Trusts: A trust is an agreement between you and a trustee, who is responsible for managing your assets. Your assets are held in the trust and are not considered part of your estate. This allows you to protect your assets from creditors while still providing for your loved ones.
- Business Structures: If you own a business, you may want to consider forming an S corporation, limited liability company, or limited partnership. These business structures protect your assets from creditors, while also providing legal protections for your business.
Call Our Bloomington Real Estate Asset Protection
Asset protection can help you protect your assets from creditors and provide for your family in the future. Our experienced Bloomington estate planning attorneys can help you create a customized plan for asset protection.
Call our Bloomington office at 612-448-3898 or contact us online to schedule a free initial consultation.
Why Our Clients Choose Us
Our mission is to become an essential, trusted partner in our clients’ lives. We achieve this by leveraging our experience, expertise, and tireless work ethic.
- Collaborative Approach We aim to be your trusted partner. We work together with our clients to find the best solution for them and their families.
- Individualized Guidance Our attorneys get to know you and your family to understand what options are right for you.
- Lasting Relationships Estate planning needs change throughout every stage of your life and our team will be with you every step of the way.
Hear what it’s like working with our firm from our clients themselves!