Tag : asset protection near dallas

What You Need to Know about Asset Protection

At Metroplex Wealth, we find that new clients have many misconceptions about what asset protection is – and what it isn’t. It’s a complicated topic but Metroplex Wealth – a leader in asset protection in Southlake – is here to shed some light on the subject:


What Asset Protection is Not

Let’s start with what asset protection is not. Asset protection is not a form of fraudulent finances. It’s not hiding from your taxes or litigation. It’s not funny accounting. Asset protection is a perfectly legal way of working within the laws to create situations where your money is protected should you face future litigation or other liabilities. Another primary goal of asset protection in Southlake is to give our clients ways in which they can deter litigation or other claims before they every begin.


When is Asset Protection Ineffective?

Some form of asset protection is a must for all of our clients, but it is completely ineffective if you are already facing pending litigation, being audited, or there is any hint of an issue on the horizon. These issues could include bankruptcy, lawsuits, inquiries into your taxes, etc. At this point, asset protection strategies cannot help as they can be seen to obstruct justice.


Areas of Asset Protection

By now you may be wondering, “so how can asset protection strategies help me?” Asset protection in Southlake effects everyone. In fact, you could even think about your basic liability insurances on your properties, vehicles, etc. as a form of asset protection. Other areas we often recommend for clients include:


  • Trusts: Protect assets you’d like to leave to your heirs through a formal trust
  • 401(k) Plans: 401(k) and 403(b) plans offer protection of your assets from pending creditors.
  • Gifting: One way to protect your money is to go ahead and gift it to charities of your choice or the heirs you would eventually leave it to anyway.
  • Family Limited Partnerships: These FLPs provide a safety net for your assets through a partnership.


Metroplex Wealth: The Best of Financial Planning and Legal Expertise

When looking at firms who offer asset protection in Southlake, it’s important to consider all the services offered. Metroplex Wealth has the district advantage of sharing our office with the legal office of Redding Law Firm. Having an attorney here at our wealth management office offers you the distinct advantage of having everything you need in one place. No need to send paper trails back and forth between your financial advisor and lawyer; we can handle everything in-house. Need to talk with someone personally about your situation? Our boutique financial planning office guarantees a personal, hands-on approach to each client.

Ready to learn more about asset protection and how it can benefit you? Give us a call today at Metroplex Wealth in Southlake, Texas.

Are You Making these 5 Asset Protection Mistakes?

In a world of litigation and high tax rates, it is incredibly important to make sure your assets are properly protected. Metroplex Wealth offers asset protection near Dallas, Texas, with a staff that is well versed in how to best protect your money.


That being said, we have seen many asset protection mistakes over the years, and here are 5 of the top mistakes we see often. Are you making these asset protection mistakes?


  1. Clients Who are Underinsured.

Let’s start with insurance. Sure, insurance can’t protect all of your assets, but it certainly helps. We see many clients who think they have enough insurance, when in fact there are underinsured. In the case of a lawsuit, a large umbrella liability policy is critical. Depending on your career and assets, work with an estate planning attorney to determine the proper amount of umbrella insurance for you.


  1. Believing Assets in Living Trusts are 100% Protected.

Trusts certainly offer asset protection near Dallas, but they do not offer 100% protection in the case of living trusts. Living trusts give the grantor the opportunity to move money in and out at various times, so in the event that creditors come after you and your money and you are still living, a court may determine that you need to use money in the living trust to pay off a creditor. That being said, trusts are excellent vehicles for asset protection, but it’s important to visit with an estate planning attorney about if you are opening yourself up to risk with the trusts and living trusts you have.


  1. Improperly Titling Assets.

When protecting your assets, it’s important to know what assets are titled under your name and to formulate a game plan for titling in a way that best protects you and your money. Do you have adult children who cars or other assets that have your name on them? If they run into issues, then you can be liable. What about your spouse’s creditors for property you share together? Talk with a firm like Metroplex Wealth that specializes in asset protection near Dallas on what is best for you.


  1. Exposing Yourself to Risk Through IRAs

IRAs are a great vehicle for long-term retirement savings, but unlike 401K plans that are governed by federal law, the rules about IRAs are governed by state law. Take a look at your state laws on IRAs – both Roth and Traditional – and see if you are unnecessarily exposing yourself to risk.


  1. Not Designating Assets to Heirs

Providing for and leaving assets to your heirs can get complicated, particularly if there are multiple spouses involved and many players in the mix. Depending on your specific situation, trusts can be a great asset protection vehicle but there are other methods of protection that can be utilized as well.


Concerned there might be some gaps in your asset protection strategy? Call us today at Metroplex Wealth for excellent asset protection near Dallas, Texas.