From the Attorney’s Desk by Jason Krautkramer, J.D. Eckert & Krautkramer, LLC 630 N 4th St. Wausau, WI 54403 715-842-0907 jason@eckertlawllc.com 166797 Asset Protection Tip #1 Asset protection planning uses legal structures and strategies to safeguard assets from creditors by completely or partially protecting them from a creditor’s reach. This type of planning cannot be done as a quick fix for your existing legal problems. You must put the plan in place before you know about a lawsuit. Under federal law, tax-favored retirement accounts, including 401(k)s and individual retirement accounts (IRAs), are protected from creditors in bankruptcy (with certain limitations). Therefore, maximizing contributions to your company’s 401(k) plan is not only a smart way to increase your retirement savings but also a safeguard against creditors, predators, and lawsuits. If your company does not offer a 401(k) plan, consider investing in an IRA for the same reasons. Do not let a lawsuit take away your money and property. Schedule a consultation today. From the Attorney’s Desk by Jason Krautkramer, J.D. Eckert & Krautkramer, LLC 630 N 4th St. Wausau, WI 54403 715-842-0907 jason@eckertlawllc.com 166797 Asset Protection Tip #1 Asset protection planning uses legal structures and strategies to safeguard assets from creditors by completely or partially protecting them from a creditor’s reach. This type of planning cannot be done as a quick fix for your existing legal problems. You must put the plan in place before you know about a lawsuit. Under federal law, tax-favored retirement accounts, including 401(k)s and individual retirement accounts (IRAs), are protected from creditors in bankruptcy (with certain limitations). Therefore, maximizing contributions to your company’s 401(k) plan is not only a smart way to increase your retirement savings but also a safeguard against creditors, predators, and lawsuits. If your company does not offer a 401(k) plan, consider investing in an IRA for the same reasons. Do not let a lawsuit take away your money and property. Schedule a consultation today.
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