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What Myths Surround Asset Protection?

You’ve spent many years collecting and building up your assets. Now that you have them, it is your job to keep them protected so you may pass them on to your loved ones or whatever you may plan to do with them in the future. However, there are many misconceptions surrounding asset protection, particularly within the state of Florida. Before you seek out an asset protection attorney in St. Petersburg, FL, here are a few myths to watch out for. By knowing the truth from the rumors, you can visit with an attorney with more solid information in mind to make the best possible decisions.

“Giving Assets to Family Members Is the Best Form of Protection.”

This solution is anything but. By giving any existing asset you own to a family member, any issues with those assets also fall into that loved one’s possession. You will still be held liable for any debts, and by splitting up your properties, you also make it more difficult to figure out how to plan your estate in the future.

“You Must Possess Only the Largest Net Worth to Qualify for Asset Protection.”

This isn’t nearly as true as it may seem. Yes, the type of people who seek out the services of an asset protection attorney in St. Petersburg, FL, will tend to have a higher net worth than most, but you don’t have to be a member of the elite to use these services yourself. Most attorneys will accept clients with a minimum net worth of $250,000, but as long as you have assets in serious need of protection, it never hurts to look for the proper services you need.

Finding an asset protection attorney in St. Petersburg, FL, can be an easy process. Visit the Hill Law Group website!

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