What is NJ Asset Protection Planning?

March 30, 2021

What would happen if someone sues you? Do you have a plan? Or are you simply hoping this never happens to you?

While this situation can happen to anyone, certain people are perceived as bigger threats for lawsuits or creditors than others. Those in this situation take proactive steps to create an asset protection plan to decrease their overall risks.

The process of asset protection planning involves making critical decisions today that will protect your business, yourself, and your hard-earned assets from loss due to lawsuits, bankruptcies, or creditors period. This form of legal planning is especially important for business owners and professionals whose personal assets could be threatened in the event of a claim of someone else.

Federal as well as state laws exempt certain assets from the claims of creditors. You can discuss with which of your assets might be exempted from creditor claims. New Jersey means that you must use the state exemptions.

Because federal bankruptcy exemptions are not available, it can make sense to enhance your protection by converting those non exempt assets into exempted assets. Finally, if you’re an entrepreneur with a business as a sole proprietorship, you may need to schedule the support of an experienced New Jersey asset protection planning lawyer.

 

 


Practice Areas:



Schedule your free Exploratory phone call

Click here to see how we
can be of assistance.

Payment Portal
for Tax and Accounting invoice

This link offers a secure, quick way to complete your payment with Omni360 Advisors LLC.

Our Social Media

Connect with us on Social Media using the following buttons:

Visit our Podcasts

Listen in, Join the Conversation!

Recent Posts

Donor Advised Funds: A Strategic Tool for Estate Planning, Tax Efficiency, and Multigenerational Wealth

Learn how donor-advised funds can support estate planning, reduce tax exposure, and simplify charitable giving for high-net-worth individuals and families. Donor-Advised Funds: Aligning Philanthropy with Financial Strategy For individuals and families focused on long-term wealth stewardship, charitable giving is often more than an act of generosity—it’s a strategic component ...

<p>The post Donor Advised Funds: A Strategic Tool for Estate Planning, Tax Efficiency, and Multigenerational Wealth first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

Tax Season Is Over—Now What? Smart Financial Moves to Make After Filing

Tax filing season may be behind you, but important financial planning opportunities remain. Here’s what business owners and families should consider next. Tax Season Is Over—Now What? For many, the tax filing deadline brings a sense of relief. Documents ...

<p>The post Tax Season Is Over—Now What? Smart Financial Moves to Make After Filing first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

Out-of-State Trusts: What They Are and How They Can Support Long-Term Wealth Planning

Learn how out-of-state trusts work, their potential benefits, and key considerations for business owners and families seeking tax efficiency, asset protection, and legacy planning. Out-of-State Trusts: A Strategic Tool for Modern Wealth Planning For business owners, executives, and multigenerational families, managing wealth across ...

<p>The post Out-of-State Trusts: What They Are and How They Can Support Long-Term Wealth Planning first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>