Family Legacy Planning
Our Family Legacy Planning focuses on protecting your assets from creditors, predators, lawsuits, judgments, liens, greedy relatives, and the costs of long-term care. While it may be overwhelming at first, it is imperative to begin considering asset protection as early as possible since many of the factors which can detriment you and your family can happen unexpectedly at any time.
While it may not seem as though everyone needs asset protection, almost everyone can benefit from it in one way or another. Especially for individuals who have spent years, decades, or even lifetimes building a large amount of assets, it is imperative to consider how to protect them from a single instance of misfortune that has the potential to ruin all of the dedication and work you have contributed. Whether you foresee issues in the future or simply wish to enjoy the peace of mind that comes with knowing your assets and resources are secure, there is one crucial concept to remember above all else: it is always better to be proactive than reactive when it comes to legacy planning and asset protection.
At the Law Office of Harvey L. Cox, our team strives to provide the pinnacle of service and legal advice to our clients. Regardless of the stage of asset protection you find yourself in, and whether it be just beginning to consider it or looking for a new firm to handle existing protection measures, we are here to help. For the best way to start protecting your assets from anyone or anything that can take them away from you, contact our office in Waco, TX, as soon as possible.
Our Free Legal Books
Common Estate Planning Mistakes People Make & How You Can Avoid Them
In this book, attorney Harvey L. Cox discusses fifteen of the most common estate planning mistakes he sees people making on a regular basis.
The Truth About Estate Planning in Texas
This book contains essential information for effectively planning your estate in Texas. To combat the massive amounts of misinformation being disseminated today, this book gives you the truth you need to avoid mistakes in your estate planning.
We Focus On Areas Of Asset Protection
Negligence lawsuits arise when you cause harm or injury to a person or property. It is accidental, not intentional. But, the liability is real. Being sued for causing an auto accident is an excellent example of a negligence lawsuit. You have to plan early to protect your assets from liability for a judgment arising from a negligence lawsuit.
No one plans to be involved in a lawsuit, and negligence often occurs without even knowing the risk exists. This is one of the cases in which family legacy planning and total asset protection come into play. While each situation is different and each case is fact-specific, ensuring your assets are protected against such circumstances can make a hugely significant difference.
Stock Market Crashes
Stock Market Crashes
If you have qualified money in the stock market, you need to protect yourself against market crashes. Three times between 2000 and 2020, the stock market has lost between 30% and 50% of its value. Asset protection planning includes making sure you don’t lose money in the stock market or run out of money in retirement.
The nature of the stock market and most investing avenues can be unpredictable at the best of times and volatile at the worst. As mentioned previously, the prior crashes have resulted in the devastation of families across the country and the loss of countless assets and legacy planning components. Essentially forced to start fresh to avoid total collapse, it can be near impossible to regain what was lost. This is precisely why acting proactively to protect your assets and legacy is so crucial. Since it is often too late to act after noticing the problem, ensuring you have protection and contingencies in place to protect you and your family can mean the difference between comfortably weathering the storm and being dragged down with it.
The IRS is your #1 guaranteed creditor. Every year you pay taxes to this creditor. If you have money invested in a brokerage account or real estate you plan to sell, you will have to pay short-term and long-term capital gains taxes. Focusing only on reducing this year’s taxes is a flawed approach to planning. Asset protection planning includes good retirement planning that saves you taxes.
Even if you have complete confidence in the entity handling your taxes each year, this may not protect you from unforeseen consequences or mistakes. So while it may be great to reduce what you owe to the IRS at the end of every tax season, the real threat is the potential for unforeseen penalties for errors or the chance of surprises like audits or other rare but severely consequential incidents.
“Harvey is outstanding in his knowledge. His advice was golden and after the meeting, he showed me that my problem was nothing to be concerned about. Anyone needing expert legal advice would be fortunate to get acquainted with him.”
If you are over 65 years of age, there is a 50% chance you will have significant long-term care expenses before you die. These long-term care expenses include drug costs, home health care, nursing home costs, surgeries, etc. Therefore, to ensure you don’t run out of money during your retirement, you must protect your assets against LTC expenses.
Probate Costs & Delays
Probate is the legal process in which a court oversees your estate’s distribution according to the terms of your Will. It is a public process. Anyone can see what you own, what you owe, and who gets your assets. It is also a time-consuming and expensive process for your heirs. Asset protection planning includes protecting your estate from the expense and delay of Probate.
How Asset Protection Attorneys Can Help
How Asset Protection Attorneys Can Help
It may not initially seem like hiring an attorney to help with asset protection is a necessary precaution to take, especially if you are unfamiliar with the possible threats lurking out there. However, this could not be farther from the truth. Even if you wish only to protect specific portions of your legacy or assets, hiring an attorney is one of the best decisions you can make.
It may also appear that you will spend unnecessary funds to protect yourself from merely the prospect of a threat to your legacy. However, there can be no price put on the peace of mind you will gain from knowing that you and your family’s futures are protected. Acting proactively in this way will ensure not only that any threat you may face currently is dealt with properly, but any threats in the future can be spotted, mitigated, and ultimately handled with as little detriment to your assets as possible.
What To Do Now!
No matter what stage of life you find yourself in, it is never too early to begin planning to protect your legacy and assets. However, the first step in this process is calling the Law Office of Harvey L. Cox in Waco, TX, to schedule your free consultation. We will evaluate your current circumstances and those of your assets and plans for your legacy during this discussion. From there, we can begin establishing defenses against any possible future threats to that legacy and ensure that you and your family live with the peace of mind that unexpected events can be mitigated and handled correctly.
To begin protecting your assets from anyone or anything that can take them away from you, call the Law Office of Harvey L. Cox today at (254) 233-7779.