Westerville OH Asset Protection Lawyers

Dedicated Legal Team for Safeguarding Assets in Westerville, OH

The Law Office of David Bale stands as a reliable legal ally dedicated to simplifying the complexities of asset protection. Our Westerville OH asset protection lawyers understand the importance of safeguarding your hard-earned resources, especially in the realm of Ohio law where potential threats like creditors, legal judgments, and nursing home expenses can loom large.

Quick Summary
  • Asset protection is like building a fortress for your finances, ensuring resilience against unexpected challenges in retirement.
  • Strategies include leveraging exemptions, transferring property to spouses, forming LLCs, using LLCs for equipment leasing, creating family LLCs, and establishing Domestic and Foreign Asset Protection Trusts.
  • The firm’s lawyers use a variety of asset protection strategies, such as Domestic Asset Protection Trusts, notice of transfer of personal property, and affidavits of solvency.
  • Asset protection is essential for business owners, families, professionals in high-risk fields, real estate investors, and high-net-worth individuals.

Ready to fortify your assets? Reach out to the Law Office of David Bale today for a free consultation. Our commitment to clarity and effectiveness sets us apart. Let’s secure your future together.

What is Asset Protection?

Safeguarding financial well-being in retirement is a vital element of elder law, and asset protection plays a key role in achieving this goal for seniors. This involves employing a range of strategies designed to shield assets from potential threats like creditors, legal judgments, and expenses associated with nursing homes.
Asset protection utilizes diverse methods, such as trusts, LLCs, annuities, gifting, and various planning techniques, to ensure that seniors can enjoy a secure and stable financial future during their retirement years.
In simpler terms, asset protection is like building a fortress for your finances, ensuring that your hard-earned resources are resilient against unexpected challenges. It’s a proactive approach to financial security, providing peace of mind in an unpredictable world.
Recognizing the hurdles faced by seniors in safeguarding their earned assets, the Law Office of David Bale’s legal team is dedicated to delivering optimal solutions. Our comprehensive asset protection services are designed to offer you excellent advice and personalized guidance, ensuring that your needs are met with thorough attention and diligence.

The Role of the Ohio Asset Protection Attorney

Asset protection planning requires a global review and plan for risk. It should take into consideration protecting, to the extent possible, the type of an individual’s assets and choosing a type of ownership over the asset that will protect those assets from creditors.
It should also consider claims on profits due to income tax or, in large estates, claims on the property on death due to estate tax. Depending upon the type of asset, and type of creditor, plans for asset protection will use different types of tools to protect the client.
Like estate planning, the goals of the individual should be taken into consideration when planning for asset protection. For example, Trusts may be used for asset protection, and Trusts are also a common estate planning tool, but the wrong type of Trust will not protect from creditors.
Failing to recognize what assets should be in a Trust will also not protect the asset. At The Law Office of David G. Bale, I can review your situation and advise and assist you in developing an effective estate and asset protection plan. Here is a brief overview of some aspects of asset protection to take into consideration:


There are assets a creditor cannot seize, including personal property, annuities, the cash value of life insurance policies, traditional IRAs, 401(k)s, and approximately $30,000 in home equity. These are exemptions under Ohio and federal law, assuming that the asset or retirement account qualifies for exemption under these laws.
For example, a retirement account will qualify for exemption from creditors’ claims if the plan has a participant other than an employee who owns the business holding the retirement account.
Some of the rules providing for exemptions have changed in recent years, due to the dynamic changes in law following various financial challenges to U.S. financial institutions, and the use of bankruptcy procedures by individuals filing a bankruptcy.

Transfer of Property to Spouses

Where legally appropriate, it can be beneficial to transfer ownership of the property to a spouse. However, there are rules against fraudulent transfers, meaning transfers occurring to ‘defraud’ a known or suspected creditor by making the transferor judgment proof will expose the asset, the planner and the client to claims.
Professionals at high risk of liability (lawyers or doctors, for example) might find this strategy practical. However, doing so should not be done without the counsel who understands the complexities involved, due to additional risks arising out of fraudulent transfer laws.

Create a PLLC or LLC

LLCs and PLLCs can be used to shield personal assets from business liability. However, the client needs to know the best states or jurisdictions to do this and the best ways to arrange the transaction to protect against outside creditors.

Use an LLC for Equipment Leasing to Your Business

Anything from vehicles, real estate, and equipment can be leased back to an LLC controlled by the business owner. This can inhibit creditors who might try to seize assets that can cripple the business.

An Ohio asset protection attorney may also use this practice to protect a home so that the homeowner retains ownership by having it leased back to them through the LLC. However, as in the case of a transfer to a spouse, this may not succeed and can cause added liability both for counsel and for the client if done improperly.

Form a Family LLC

An effective strategy for sheltering non-business assets is to create an FLLC and lease the assets back to an individual for personal use. This can include investment and bank accounts, real estate, and collectibles.

Domestic Asset Protection Trusts

A DAPT is an irrevocable trust that protects against creditors and allows the Trust maker, usually referred to as a Trustor or Settlor of the Trust, to be the beneficiary of the said trust. Where these trusts are not allowed in the state of the individual’s domicile, it is possible to use another state’s law to do so.
So, an asset protection attorney can create the trust in a state that does allow them and can select a state where the type of asset to be protected receives the least amount of government interference and ample protection.

Foreign Asset Protection Trusts

Foreign Asset Protection Trusts (FAPTs) are sometimes used to avoid liability to creditors because of limitations in the foreign jurisdiction to attaching the asset. The advantage of FAPTs is that foreign countries are not obligated to recognize U.S. laws and decisions.
That means even if a court grants assets to be repatriated, the foreign company managing the trust doesn’t have to comply.
If you believe your assets need safeguarding beyond the traditional, schedule a free consultation with The Law Office of David G. Bale today.

Who Needs Asset Protection?

The concept of asset protection isn’t reserved for a select few. It’s a financial strategy that holds relevance for a broad spectrum of individuals and entities. In dissecting the question of who needs asset protection, it becomes evident that this proactive approach to securing one’s wealth extends its arms to various scenarios.

Business Owners and Entrepreneurs

For entrepreneurs and business owners, asset protection is not a luxury but a necessity. The risks associated with running a business are manifold – from legal challenges to economic uncertainties.

Protecting business assets ensures that the fruits of innovation and hard work remain intact. It’s a shield against potential pitfalls that could otherwise jeopardize the viability of the business.

Families and Individuals

Asset protection is equally relevant for families and individuals navigating the intricate landscape of personal finance. Life is unpredictable; unforeseen circumstances can lead to legal challenges or financial instability.
By implementing a well-structured asset protection plan, families and individuals build a financial fortress for tomorrow, ensuring that their hard-earned resources withstand the test of time.

Professionals in High-Risk Fields

Professionals in high-risk fields, such as doctors, lawyers, and financial advisors, face unique challenges. The nature of their work exposes them to potential legal liabilities. Asset protection becomes a crucial shield against professional risks.
It acts as a layer of defense, ensuring that personal and professional assets are safeguarded, allowing these individuals to focus on their work without the constant fear of financial setbacks.

Real Estate Investors

Real estate is a substantial investment, and its value can be subject to market fluctuations. Real estate investors can benefit significantly from asset protection strategies. By shielding their property assets, investors mitigate the impact of market uncertainties and economic downturns.
This ensures that their real estate portfolio remains resilient, even in the face of challenging market conditions.

High Net-Worth Individuals

High net-worth individuals with significant assets at their disposal have a unique responsibility to preserve their wealth across generations. Asset protection goes beyond immediate financial concerns. It’s about creating a lasting legacy.
For individuals with substantial wealth, implementing effective asset protection measures ensures that their financial contributions endure, providing for future generations.

Why Do I Need Asset Protection Lawyers in Ohio?

In the world of personal and business finance, safeguarding your assets in Ohio is a practical necessity. When it comes to protecting your assets within the bounds of the law, you need the guidance of our Westerville, OH asset protection lawyers.

The Law Office of David Bale can help you with the following:

  • Legal Experience Tailored to Ohio Laws – Our asset protection lawyers in Ohio bring a nuanced understanding of the state’s legal framework. Having a professional well-versed in Ohio regulations ensures that your strategy aligns seamlessly with local requirements.
  • Customized Strategies for Your Needs – Each individual or business entity faces distinct challenges, and a one-size-fits-all approach to asset protection may not suffice. Our lawyers can provide strategies to your specific needs.
  • Navigating Complexities With Ease– The legal landscape can be intricate, and attempting to navigate it without proper guidance poses risks. We serve as guides, helping you navigate the complexities with ease.

From understanding the implications of different legal structures to ensuring compliance with Ohio laws, our experience simplifies the process, providing you with clarity and confidence.

Securing Your Future Together With Our Experienced Westerville OH Asset Protection Lawyers

Navigating the intricate landscape of asset protection requires experience and a tailored approach. This is where the Law Office of David Bale excels. Our trusted Westerville OH asset protection lawyers understand the unique challenges individuals and businesses face in Ohio, and our legal services are designed to be a practical solution.
Ready to take the next step in securing your assets? Contact the Law Office of David Bale today for a free consultation. Our team is here to provide practical, no-nonsense legal counsel tailored to your specific needs. Let’s work together to build a strong asset protection plan that aligns with your goals and safeguards what matters most to you.

Our law firm can also assist you with Business Law, Estate Planning, and Decedent Estate. Your financial peace of mind starts with a conversation. Reach out to us today and experience the difference between pragmatic, client-focused legal services.

Reach Out Today To Set Up Your Case Evaluation.

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