Asset Protection

Oklahoma City Asset Protection Attorney

With the increase in the estate tax exemption ($2,000,000 in 2006 or $4,000,000 for a husband and wife using an AB Trust ), estate taxes are becoming a non issue for all but the largest estates in Oklahoma. A bigger concern for most people is protecting their assets from lawsuit judgments.

One car wreck lawsuit can have a devastating effect on your estate. Your car insurance may include $300,000 in liability insurance. However, if you cause an accident that seriously injures or kills someone, a lawsuit judgment could be one million dollars or more. You could be personally responsible for damages above the $300,000 in liability insurance.

Typically the assets in Oklahoma that are protected from creditors such as lawsuit judgments are a person's home, retirement plans, life insurance, a car up to a certain value, and clothes up to a certain value. General savings and investments, real estate, and bonds are things a creditor could take.

At Postic & Bates, our lawyers help families in Oklahoma protect their estates from creditors through the creation of a Limited Liability Company (LLC) or a Limited Partnership (LP). Our lawyers generally prefer the use of an LLC, since the general partner in a LP is still liable for lawsuit judgments.

A family LLC is the icing on the estate-planning cake. In addition to liability protection, the LLC offers income tax benefits. For more information about asset protection and tax benefits of an LLC or LP, request our free Asset Protection and Charitable Giving Guide.

Free Consultation: Contact Oklahoma City asset protection attorney Martin Postic Jr. to arrange a free consultation.