Asset Protection in Oklahoma City
Learn How to Protect What Matters Most
The State of Oklahoma is extremely debtor friendly, and offers residents many legal techniques which may be used to protect their assets. Oklahoma is not a part of the federal bankruptcy exemption structure, and its debtors must follow the state’s own bankruptcy exemptions. It is also the first state that adopted the statute which allows the creation and funding of a self-settled asset protection trust to be revoked by the grantor. If you wish to protect your assets from potential threats, it may be beneficial for you to meet with our Oklahoma estate planning attorney, and discuss which types of asset protection are best for you.
Protecting Assets in Perry & Oklahoma City, OK
One way an Oklahoma resident may protect their assets is through the homestead exemption. A homestead may be a stand-alone structure, a condominium, or a mobile home located on land that you own. If you are considering filing for bankruptcy, a homestead exemption protects the equity in your home. To qualify for the homestead exemption, your home must be located in a city or town, does not exceed one acre, and is used for your primary residence. If your home is not locate in a city or town, the homestead exemption may protect up to 160 acres of property. Life insurance and annuities, along with IRAs, are exempt from creditors’ claims and lawsuits, as well.
Let Us Help You Protect Your Assets
Certain types of trust may also protect the items placed in said trust from creditors, ex-spouses, and possible lawsuits. It may be beneficial for you to meet with an estate planning attorney and create a personalized asset protection plan. For assets to be legally safeguarded by claims, they must be protected prior to any knowledge of a lawsuit or creditor’s assertions. If you wish to learn more about how you can protect your assets, and how our firm may help, please fill out a complimentary case evaluation.