Each year, hundreds of thousands of civil cases are filed in Illinois, making it one of the most litigious states in the Midwest.
Living in a state this lawsuit-prone without hiring an Illinois asset protection attorney is like wearing a hat that says, “Take my money.” The best course of action is to talk to an attorney who can help you set up asset protection strategies in Illinois. Fortunately, that’s exactly what Asset Protection Planners does for countless Illinois residents.
To further illustrate the benefits of working with an asset protection attorney in Illinois, we’ve outlined exactly how they can help you maintain your wealth and privacy:
- What an Asset Protection Attorney Does
- Who Needs an Asset Protection Attorney in Illinois?
- Common Threats to Assets in Illinois
- Major Benefits of Hiring an Asset Protection Attorney
- How to Choose the Right Illinois Asset Protection Attorney
What an Asset Protection Attorney Does
An asset protection attorney in Illinois acts as your guard against lawsuits and creditor claims. They defend against legal and financial threats by designing asset protection strategies centered around Illinois law.
Experienced asset protection attorneys establish protections that reduce the likelihood of lawsuits and that can keep your wealth safe even if you are sued.
Tools Used by Illinois Asset Protection Attorneys
Rather than fighting courtroom battles, an attorney specializing in asset protection builds a proactive financial framework to protect their client’s wealth. Common tools and structures used by asset protection professionals include:
- Asset Protection Trusts: An asset protection trust (APT) is an irrevocable trust that keeps assets away from creditors. These trusts legally separate you from your assets, which in turn puts up a barrier between judgment creditors and your wealth. Some of these trusts, specifically those established in offshore jurisdictions, are so strong that they can ignore U.S. court orders. Hiring a lawyer to create a trust ensures that it adheres to the Illinois Trust Code.
- Limited Liability Companies (LLCs): An LLC is a business structure that draws a line between assets owned by the company and assets owned by individual members. When used for asset protection, LLCs can keep some items off limits during a lawsuit. Additionally, LLCs can be combined with APTs to give you more control over trust-held assets.
- Land Trusts: Land trusts hold the title to your property to keep your name from appearing in public records searches. Adding more privacy to your ownership of real estate can limit the likelihood that someone will file a lawsuit against you.
- Title-Holding Trusts: A title-holding trust is essentially a land trust for titled assets other than real estate. You can use these trusts to privately own cars, boats, and other titled vehicles.
Who Needs an Asset Protection Attorney in Illinois?
It’s a common misconception that only the rich need to worry about asset protection. In truth, almost everyone in the state can benefit from the services of an Illinois asset protection attorney. By following their advice, you can lower the risk of your assets being targeted in a lawsuit, even if you don’t feel you have much to protect.
Some of the people who are most likely to see immediate benefits from an asset protection attorney in Illinois include:
- Business owners & entrepreneurs: The more successful you become, the more likely you are to get sued by a disgruntled employee or former business partner.
- Doctors, dentists, and licensed professionals: Healthcare professionals have to worry about malpractice cases. This is particularly true for those who work in emergency medicine, such as surgeons and ER doctors.
- Real estate investors: Real estate ownership logs are part of the public record. If you don’t have asset protection or privacy measures in place, a contingency fee lawyer is more likely to mount a frivolous lawsuit against you.
- Anyone with significant savings or valuable property: The more assets you have, the more likely someone will sue you in an attempt to get rich.
Common Threats to Assets in Illinois
Some of the most notable threats to a person’s wealth in Illinois include:
- Frivolous lawsuits: In the United States, hundreds of law firms make their money pursuing wealthy individuals. Keeping your wealth public and unprotected increases the likelihood that these firms will target you.
- Creditors and debt collectors: When you have sizable debts, creditors can sue you to recover their losses. Without protective measures in place, a debt collector can take almost everything you own.
- Divorce and family law issues: Illinois is an equitable distribution state, which means your ex-spouse can take more than half of your shared possessions during a divorce.
Major Benefits of Hiring an Asset Protection Attorney
Hiring an asset protection attorney in Illinois is wise if you are planning to set up any financial safeguards. Key benefits of hiring these professionals include:
- Tailored Strategies: Every client has unique circumstances—an attorney will craft asset protection strategies that adhere to Illinois laws and address the specific threats facing you.
- Avoid Costly Mistakes: DIY methods often miss statespecific pitfalls. One misstep can render protections void or even illegal in Illinois courts.
- Peace of Mind: Knowing a legal structure is designed by a professional can help reduce your stress.
How to Choose the Right Illinois Asset Protection Attorney
Finding the right asset protection attorney in Illinois requires more than a quick online search. To make an informed choice, look for professionals who:
- Specialize in asset protection strategies in Illinois, not just estate planning or corporate law.
- Have experience working with highrisk clients, such as entrepreneurs, professionals, and investors.
- Understand tools that work in Illinois like DAPTs, land trusts, FLPs, and retirement plan exemptions.
- Offer clear, transparent pricing and strong communication.
By considering these qualities, you can improve your chances of finding a capable attorney. Reach out to Asset Protection Planners! Our team of asset protection experts has worked in this industry for decades and set up trusts for thousands of Illinois residents.
Call Asset Protection Planners and Defend Your Wealth in Illinois
In a state where lawsuits are increasingly common, waiting to set up asset protection can cost you thousands. A capable Illinois asset protection attorney can create a wealth defense plan that keeps your money out of creditors’ hands.
Schedule a consultation with Asset Protection Planners today to start protecting your wealth.
