and provide much-needed peace of mind.
Asset Protection for Professionals and Business Owners in Colorado
Serving Clients in Fort Collins and Denver and the Surrounding Area
Asset protection planning involves making prudent decisions today to protect yourself, your business, and your hard-earned assets from loss due to lawsuits, creditors or bankruptcies. Asset protection planning is especially prudent for professionals and business owners, whose personal assets could be at risk due the nature of their employment.
Statistically and anecdotally, we all know that the number of divorces, lawsuits and bankruptcies is staggering. While no one believes lightning will strike them, wealth created through a lifetime of work, saving and investing can be lost overnight if these forms of man-made lightning do strike. To protect your assets from such disaster, proper risk management strategies should be given careful consideration. These strategies include exempting your assets from the claims of creditors, limiting your liability through legal entities, and transferring your risk through insurance.
Exempting Assets in Colorado
State and federal laws exempt some of your assets from the claims of creditors. Important to note is that while some states allow you to choose either the state or federal exemptions, in others you must use the state exemptions … and federal bankruptcy exemptions are not available.
Once you have identified the protected asset classes available to you under applicable law, it may be prudent to maximize your protection by converting non-exempt assets into exempt assets.
Limiting Liability for Professionals & Business Owners
Many entrepreneurs operate their businesses as sole proprietors rather than through a legal entity, such as a Corporation or a Limited Liability Company. Whether their business is home-based or in the Fortune 500, these business owners are attracted by the informality of sole proprietorship. They also do not want to incur legal fees to create and maintain a legal entity. However, in addition to other advantages, conducting business through a legal entity may offer substantial risk management benefits.
While lawsuits brought against a sole proprietorship are really lawsuits against the owner’s personal assets, lawsuits against a properly created and maintained legal entity are really lawsuits against the entity’s assets. Nevertheless, the selection of an appropriate legal entity is critical for managing your risk.
Transferring Risk with Insurance
When was the last time you reviewed the details of your liability insurance program with your insurance professionals? Are your policies current? Are the coverage limits adequate and are the deductibles reasonable? Have you scrutinized the policies for loopholes? Remember: the fundamental philosophy of any insurance coverage is to pay a premium you can afford to transfer a risk you cannot afford. During your asset protection planning, take time to understand both the risks you have retained and the risks you have transferred.
Our Client Success Stories
“Anastasia Fainberg is extremely good at the legal work she performs. Her complete attention to every detail make her a pleasure to work with. She is the most qualified attorney that I have ever seen. I recommend her highly as she earns your trust from start to finish.”
Glen And Gracie
“My wife and I are very grateful for the careful explanation of the value of having our estate plan in place. Matt Meuli patiently answered all of our questions and made sure we had all the information we needed. We highly recommend Meuli Law Office for your estate planning needs. Now our beneficiaries will be in great hands and not have to struggle through so many unknowns.”
“Fantastic attorney has helped me on several matters and will continue to use her for our other legal matters. I would recommend Anastasia to anyone needing legal assistance.” We highly recommend Meuli Law Office for your estate planning needs. Now our beneficiaries will be in great hands and not have to struggle through so many unknowns.”
Lee & Linda
“Matthew Meuli, Attorney/Counselor has been a friend of mine and Linda’s for the past four years. Matt and I met through Business Network International. At BNI Matt presented himself as a very qualified counselor for planning a trust. I had been a beneficiary of my mother’s trust and learned the value of a will versus a trust. We were able to set up the L&L Trust in an easy and understandable way with Matt’s professional help. As we have seen in the last two months life can change in a moment and having a trust in place gives us tremendous security.”
“If you are looking for a Law group that is professional, attentive and covers every single detail of your estate planning then give Anastasia a call!”
Sandie and ed
“When my father passed unexpectedly, it was surprising how much was involved. We had no idea what to do, where to go, how to find info that wasn’t written on his 1 page handwritten will. We will be forever grateful that we had Matt Meuli by our side showing us how to navigate through my father’s poorly prepared will. We have since set up a trust for our little ones and have no worries for those left behind. Matt thoroughly explained each part of the process in an easy to understand way. We now have peace of mind. Thank you Matt!”