Texas is a place where people who owe money can go to escape their debts. For over a hundred years, the saying that someone “has gone to Texas” could mean they moved there, but it often meant they left their hometown to avoid paying their debts.
This tradition still exists today.
The Texas Constitution, the Business Organizations Code, and the Property Code have laws that allow individuals and businesses to create legally solid structures to protect their money and assets from a plaintiff taking them in a lawsuit.
These laws make Texas a good place for protecting your assets. Our Lubbock asset protection lawyers will help you understand this fascinating part of Texas history and how it applies to your assets.
How the Beck Firm Helps?
Choosing the right legal team is crucial when pursuing your goals and protecting your interests. We all want the peace of mind that comes from ensuring the future safety and well-being of our loved ones.
Our law firm takes pride in offering a team of committed and seasoned professionals who provide unparalleled assistance.
Here are some key factors that distinguish us:
Diverse experience: Our team consists of accomplished attorneys, including Kristen Beck-Perez, Andrew Beck, and Sam Hawthorne, who bring extensive knowledge in various domains, such as estate planning, business law, tax law, health law, and commercial transactions.
This diverse background enables us to offer comprehensive solutions to various legal issues.
Profound financial insight: Kristen Beck-Perez and Sam Hawthorne are licensed Certified Public Accountants (CPAs) accredited by the Texas Board of Public Accountancy.
This unique combination of legal and financial knowledge equips us to provide deep insights into intricate financial matters, making us particularly adept at assisting clients with complex estate and gift tax planning, comprehensive business strategies, and tax-related concerns.
Extensive experience: We possess in-depth knowledge of estate planning, trust and estate administration, real estate transactions, oil and gas cases, and business law matters.
Client-centric approach:We understand that each client is unique, so we take the time to listen to your needs and goals, ensuring we solve your problems satisfactorily.
Our senior transactional paralegal, Renee Hucks, plays a pivotal role in the efficiency of our office and client services, guaranteeing personalized attention and regular updates on the progress of your case.
Legal proficiency: Sam Hawthorne is board-certified in tax law, estate planning and probate law, underscoring our dedication to the highest standards of legal excellence.
Nationwide scope: Our attorneys practice law in multiple states, including Texas and New Mexico. This comprehensive understanding of various state laws enhances our practice and enriches our experience, providing superior client experience.
Our team of skilled attorneys and devoted paralegal are committed to delivering comprehensive legal solutions, personalized attention, and the utmost level of service.
We are here to guide you through the legal system and help you achieve your objectives. Choose us as your trusted legal partner and let us lead you to success.
What Is the Texas Homestead Law?
The Texas Homestead Law is a crucial legal provision designed to safeguard homeowners from the forced sale of their primary residence in the face of certain debts.
This law limits the size of protected properties, offers property tax reductions, and ensures surviving spouses’ continued occupancy and ownership rights.
There are limitations. It does not cover all debts and mandates compliance with specific residency and occupancy requirements.
Given the complexity of the law and its application, it is advisable to consult with a legal professional or attorney focusing on Texas real estate and property law.
They can provide personalized guidance based on your specific situation, helping you navigate the intricacies of the Texas Homestead Law and protect your home effectively.
Examples of Protected Assets in Texas
- Real Estate: Homes, rental properties, and land can be safeguarded using mechanisms like homestead exemptions, LLCs, or trusts.
- Business Interests: Ownership in businesses or partnerships can be shielded with LLCs or family limited partnerships.
- Financial Accounts: Proper structuring and trusts can protect Bank and investment accounts.
- Retirement Accounts: Under Texas law, IRAs, 401(k)s, and pensions receive some creditor protection.
- Personal Property: Valuables like vehicles, jewelry, and artwork can be safeguarded through titling, insurance, or trusts.
- Intellectual Property: Copyrights, trademarks, and patents can be protected through legal registrations.
- Life Insurance: Policies and cash value are often protected from creditors.
State laws change without warning. Always consult an estate planning lawyer to ensure you have the most up-to-date information possible.
Common Asset Protection Strategies in Texas
- Trusts: Utilize irrevocable or spendthrift trusts to transfer asset ownership, protecting while providing benefits.
- Limited Liability Entities: Separate personal and business assets with LLCs or LPs to shield personal assets from business liabilities.
- Homestead Exemption: Some areas protect primary residences from creditors with a value cap.
- Insurance: Ensure sufficient coverage, including liability, malpractice, and umbrella policies, to mitigate potential risks.
- Retirement Accounts: IRAs and 401(k)s often have creditor protections, making them valuable safeguarding assets.
- Ownership Structures: Employ FLPs or holding companies for centralized asset control and protection.
- Irrevocable Trusts: Remove assets from your estate, limiting control and offering creditor protection.
Asset protection requires early planning and professional guidance to align with laws and individual needs. Consult attorneys with financial and estate planning knowledge for tailored strategies.
We Can Help You with a Lubbock Life Insurance Trust
We know how crucial it is to protect your assets, and we’re here to simplify the legal process. We have the knowledge and experience you need to protect your hard-earned assets.
Choose Beck Law Firm as your caring partner for asset protection. Call us today at (806) 702-7909.
Your well-being is our main concern, and we’re here to support you with care and honesty. Call or come and see us now to secure your peace of mind and protect yourself and your loved ones.