Those who like to gamble probably know the old adage about walking away from the table a winner if you want to stay a winner. There is a method in keeping with this adage. Don’t keep your chips on the table; for every win, remove the chips, and you’ll likely reduce the chances of losing them.
The gambling parallel
This is similar to what your asset protection attorney in California may do for you. Or at least this is what you should be thinking of doing. Get protection for your assets now, while there are no signs of any problems, so if anything bad does happen you are already ahead.
Protect them early
There are many things that your lawyer is capable of doing during the good times to protect your assets, but their machinations are severely and dangerously limited when a lawsuit is already set in motion. Remember, asset protection is your way of preventing losses on your side (debtor) of creditor-debtor law. Creditors, on the other hand, are busy taking care of their side, which is about ensuring they are paid what they are owed. And when you think of protecting your assets only when you already stand to lose them, your creditors already have the upper hand in your relationship.
Keep it simple
You might be tempted to ask your lawyer to make the protection especially difficult and confusing. This can work against you. What you need is balance. There should be enough protection that you can control your assets and prevent them from disappearing. But there shouldn’t be too much protection that a creditor can win with an alter-ego argument or something similar.
Two things you should remember when protecting your assets. One, always do it early, when no signs at all lead to the presence of trouble; and two, make it simple. The rest you and your lawyer can figure out and discuss.