Skip to Content
Your Premier Colorado Attorneys
Greeley Office (970) 442-5281
Erie Office (720) 740-5902
Top
Asset Protection Your Premier Colorado Attorneys

Greeley, CO Asset Protection Attorneys

In the ever-evolving world of finance and law, protecting your hard-earned assets has become a crucial concern for individuals and businesses alike. Asset protection is a legal strategy designed to shield your wealth from potential risks, such as creditor claims, lawsuits, and bankruptcy.

In Colorado, understanding the concept of asset protection and employing effective strategies can provide you with peace of mind and safeguard your financial future. At Peek Goldstone, LLC, our team of estate planners offers comprehensive strategies involving legal instruments, from wills, trusts, and more, to help you design a plan tailored to your specific circumstances, needs, and goals. 

Request a confidential consultation with a Greeley asset protection lawyer today. We can be reached online or by phone at (970) 442-5281

What Is Asset Protection?

Asset protection planning is a crucial component of financial planning that aims to safeguard your assets from creditor claims. Whether you are an individual or a business entity, effective asset protection strategies can help limit creditors' access to certain assets without violating debtor-creditor statutes. 

If you possess significant personal assets, it is prudent to consider asset protection as a proactive measure against potential payment defaults. Regardless of your age, health, or wealth, asset protection planning plays a vital role in securing the future well-being of your family and loved ones. By implementing asset protection strategies, you ensure that your children, surviving spouse, and other family members will receive the necessary financial support after your passing.

Asset Protection Strategies in Colorado

several asset protection strategies can be employed in Colorado, each tailored to specific circumstances and legal requirements.

They can include:

  • Limited Liability Companies (LLCs): Establishing an LLC can separate personal and business assets, limiting personal liability and shielding personal wealth from business-related claims.
  • Irrevocable Trusts: By transferring assets into an irrevocable trust, called an Asset Protection Trust, you effectively remove them from your personal ownership, protecting them from creditors or bankruptcy proceedings.
  • Transfer of Property Rights: Transferring property ownership to another individual or entity, such as a spouse, family member, or business entity, can create a legal separation between you and the asset.
  • Homestead Exemption: In Colorado, homeowners can claim a homestead exemption, allowing them to protect a portion of the equity in their primary residence from creditor claims.
  • Retirement Accounts: Retirement accounts, such as 401(k)s and IRAs, enjoy significant protection under federal and state laws. Maximizing contributions to these accounts can shield a substantial portion of your assets from potential legal claims.

Asset Protection Trusts

As mentioned above, an Asset Protection Trust (APT) is a legal arrangement that allows you to protect your assets from potential creditor claims. It involves transferring ownership of certain assets to a trust, which is then managed by a trustee on behalf of your beneficiaries.

The primary purpose of an Asset Protection Trust is to shield assets from creditors while still allowing you to enjoy the benefits and income generated by those assets. Transferring ownership to the trust means the assets are no longer considered your property and are thus protected from potential creditor actions.

Asset Protection Trusts work like this:

  • Formation: The individual, known as the grantor or settlor, creates the trust document and designates a trustee to manage the trust. As the settlor, you may also name yourself one of the trust’s beneficiaries.
  • Funding: As the grantor, you transfer ownership of certain assets, such as real estate, investments, or valuable personal belongings, into the trust. These assets now become the trust’s property, separate from your personal assets.
  • Trustee Management: The trustee, an individual or a corporate entity, manages the trust and its assets. They must act in the best interest of the beneficiaries and follow the guidelines set out in the trust document.
  • Beneficiaries: The trust document specifies who the beneficiaries are, which can include you as the grantor, your spouse, children, or other chosen individuals. The beneficiaries may receive the income generated by the trust and, in some cases, have access to the principal assets.

Once assets are transferred to the trust, they are generally protected from future creditor claims. However, it's important to note that fraudulent transfers intended to defraud creditors may be subject to legal challenges.

Asset Protection Trusts can be used as part of comprehensive estate planning strategies. They allow you to pass on your assets to your chosen beneficiaries while minimizing estate taxes and potential probate issues.

Trusts offer privacy since the assets held within the trust do not need to go through the public probate process. This confidentiality can be advantageous when you want to keep your financial affairs private.

You may retain some control over the trust assets depending on the terms established in the trust document. You can often amend or revoke the trust, change beneficiaries, or grant yourself certain rights during your lifetime.

Transferring Property Rights: An Additional Layer of Protection

Creating a legal separation between yourself and an asset can protect by making it more difficult for creditors to access the transferred property. However, it is essential to note that transferring property rights must be legitimate and legal without fraudulent intent.

Transferring property rights typically involves a voluntary transfer of ownership to another person or entity through a sale, a gift, or other legal mechanism. It is crucial to ensure that the transfer is appropriately documented and recorded. This includes drafting and executing legal agreements, deeds, or other relevant documents, depending on the transferred property type.

To avoid potential legal challenges, it is advisable to ensure that the transfer involves fair consideration or fair market value. This helps establish the legitimacy of the transfer and minimizes the risk of fraudulent conveyance claims.

Additionally, it is critical to comply with all applicable legal requirements when transferring property rights. This may include adhering to local laws, tax regulations, and specific requirements related to the transferred property type.

Transferring property rights can provide an additional layer of asset protection, particularly when combined with other asset protection strategies. 

The Timing of Asset Protection Strategies

Ideally, asset protection planning should be undertaken before any adverse events occur. It is not intended to replace life insurance but rather to complement your existing insurance policies by providing an additional layer of security.

How Peek Goldstone, LLC Can Help 

Navigating the complex landscape of asset protection requires the knowledge of an experienced estate planning lawyer. At our firm, we can provide guidance on tax-effective strategies, tailor solutions to your specific needs, and maximize the effectiveness of your asset protection plan. 

Asset protection is not only for the wealthy. Any individual or business can benefit from protecting their hard-earned assets. By engaging with a knowledgeable lawyer, you can safeguard your financial future and enjoy peace of mind knowing that you've taken proactive steps to protect what's rightfully yours.

Schedule a consultation with one of our asset protection lawyers in Greeley or Erie by contacting us today. 

Contact Us Today

Peek Goldstone, LLC Is Ready to Help
  • Please enter your first name.
  • Please enter your last name.
  • Please enter your phone number.
    This isn't a valid phone number.
  • Please enter your email address.
    This isn't a valid email address.
  • Please make a selection.
  • Please enter a message.
  • By submitting, you agree to be contacted about your request & other information using automated technology. Message frequency varies. Msg & data rates may apply. Text STOP to cancel. Acceptable Use Policy

Meet Our Team

Trusted & Dedicated Attorneys

Hear From Our Happy Clients

Reviews & Testimonials
    "I recommend Peek Goldstone law firm to anyone who asks!"
    Amanda was the most knowledgeable, considerate, and professional lawyer I’ve ever met (along with Stan). We went through years of custody court and couldn’t be more pleased with her service! I recommend Peek law firm to anyone who asks!
    - Adam
    "Amanda didn’t flinch and was willing to get right into working for me."
    I had gone to numerous other divorce/child custody lawyers and they were intimidated by the judge and my ex-wife's attorney. Some attorneys even said they couldn’t help me. Amanda didn’t flinch and was willing to get right into working for me.
    - Jason
    "Highly recommended for any family court needs."
    Words cannot express how much this team and Mr. Goldstone himself have helped my family and I. I owe them a debt of gratitude. Highly recommended for any family court needs.
    - Matt
    "Super helpful and went above and beyond for us."
    Laura Petrilli was super helpful and went above and beyond for us, as we were under a firm deadline to leave town and needed documents prepared quickly. She was friendly and kind, and made the process very smooth. We would highly recommend Laura for anyone looking for assistance with estate planning.
    - Tami
    "Attentive to my concerns."
    Had a consultation meeting in two days. Always returned my phone calls. Kept me informed on my case. Was attentive to my concerns. Thank You Laura !
    - Jennifer
    "They made us feel very comfortable."
    My husband and I needed help creating the correct paperwork for a personal loan to a family member. Laura was professional, prompt and helpful with suggestions about contacting a CPA. She shared with us the pros and cons of loaning money to a family member and let us make the decision.
    We would definitely use her again if the need arises.
    - Mary
    "Wonderful experience!"
    Laura helped us to get wills and power of attorney documents created. She made the process smooth, painless and explained it all really well! She is knowledgeable and kind!
    - Liz
    "The entire staff were professional and courteous."
    Ms. Petrilli handled some of my estate planning by drawing up a “Will” and “Power of Attorney” for me. She did an excellent job of explaining everything up front to me at the initial consultation and interview as to the cost and how the process would be handled. She was very fast and efficient getting the final documents to me. The entire staff were professional and courteous.
    - James
What Our Clients Say
Our clients share their stories about what happened and how we helped.

Award Winning Law Firm

0
    0

    Contact Us Today

    We’re Ready to Help

    A member of our team will be in touch shortly to confirm your contact details or address questions you may have.

    • Please enter your first name.
    • Please enter your last name.
    • Please enter your phone number.
      This isn't a valid phone number.
    • Please enter your email address.
      This isn't a valid email address.
    • Please make a selection.
    • Please enter a message.
    • By submitting, you agree to be contacted about your request & other information using automated technology. Message frequency varies. Msg & data rates may apply. Text STOP to cancel. Acceptable Use Policy

    Hear From Our Happy Clients

    At Peek Goldstone, your satisfaction is our priority! See for yourself what our clients have to say about working with us.

      "Scott ensured my concerns were addressed."
      Scott did a great job in handling my case. He was objective, realistic, and worked well with the opposing attorney ensuring that not only were my concerns addressed and met, but also what was thorough concerning what was best for the children involved.
      - Darren
      "Scott was always attentive to our needs."
      I’m what they called a satisfied customer, both on a professional and personal level Scott was always very respectful and attentive to what our needs were and what we were looking to get out of this case. Overall I can say and recommend to hire him on since he was always approaching the case as if it was his, kept in contact as much as possible and always was able to answer any question to the best of his abilities also always well dressed and on time for all the court dates.
      - Isael
      "Attentive to my concerns."
      Had a consultation meeting in two days. Always returned my phone calls. Kept me informed on my case. Was attentive to my concerns. Thank You Laura !
      - Jennifer
      "Went above and beyond to get my case dismissed."
      I was lucky and fortunate enough to have Brian Klein represent me in my legal case he went above and beyond to get my case dismissed from the daily phone calls to make sure I was doing okay to the endless hours of work he did to make sure I was taken care of ….. I highly recommend Brian.
      - Chase
      "They made us feel very comfortable."
      My husband and I needed help creating the correct paperwork for a personal loan to a family member. Laura was professional, prompt and helpful with suggestions about contacting a CPA. She shared with us the pros and cons of loaning money to a family member and let us make the decision.
      We would definitely use her again if the need arises.
      - Mary
      "Wonderful experience!"
      Laura helped us to get wills and power of attorney documents created. She made the process smooth, painless and explained it all really well! She is knowledgeable and kind!
      - Liz
      "Very knowledgeable and easy to talk to."

      Throughout my divorce and custody proceedings Scott has offered excellent legal advice and ensured that I was well informed of my options and the next steps in the process. He has provided realistic expectations and treated myself, as well as my family, with respect and understanding.

      Scott is very knowledgeable and easy to talk to. I strongly recommend Scott to anyone in need of high- caliber legal representation.

      - Cindy
      "Amanda didn’t flinch and was willing to get right into working for me."
      I had gone to numerous other divorce/child custody lawyers and they were intimidated by the judge and my ex-wife's attorney. Some attorneys even said they couldn’t help me. Amanda didn’t flinch and was willing to get right into working for me.
      - Jason