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WAYS TO PROTECT YOUR ASSETS FROM LAWSUITS, CREDITORS AND AUCTIONEERS
Protecting your assets from litigation, creditors and/or creditors is an important consideration for anyone who wants to safeguard their hard-earned wealth. Here are some ways to protect your assets:
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Create a trust: A trust can be a valuable tool for asset protection. By transferring ownership of your assets to a trust, you can protect them from creditors and lawsuits. You can also control how your assets are managed and distributed to your beneficiaries.
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Use an LLC: Limited Liability Companies (LLCs) offer personal liability protection for the owners of the company. By forming an LLC, your personal assets are shielded from business liabilities, meaning that creditors cannot come after your personal assets to satisfy business debts.
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Purchase liability insurance: Liability insurance can provide an additional layer of protection for your assets. It can help to cover legal fees and damages in the event that you are sued.
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Homestead exemption: If you own a home, you may be able to take advantage of a homestead exemption. This exemption can protect your home from creditors, meaning that they cannot force the sale of your home to satisfy a debt.
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Separate your personal and business assets: Keeping your personal and business assets separate can help to protect your personal assets from business creditors. This means setting up separate bank accounts and keeping detailed records.
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Estate planning: Having a well-drafted estate plan in place can help to protect your assets and ensure that they are distributed according to your wishes. This can include setting up trusts, naming beneficiaries, and creating a will.
It is important to consult with a qualified Advocate and financial advisor to determine the best asset protection strategies for your specific situation.
This article generally explains the law in force in Kenya and does not constitute an opinion or a legal opinion. To find out the rules specific to your situation, write to us an email on info.wjmaxwell.co.ke