when consulting with a lawyer, what is considered assets

Do I need an estate lawyer to protect my assets?

The American Bar Association reminds anyone looking to protect their assets that only a qualified estate lawyer can interpret the laws. There are laws that exist around property rights, taxes, wills, probate, and trusts. A DIY asset protection kit doesn’t provide someone that makes sure that everything is filled out right.

What is considered an asset in an estate?

What Is Considered an Asset in an Estate? Estate planning attorneys are often asked if a particular asset will be included in an estate, from life insurance and real estate to employment contracts and Health Savings Accounts.

What happens at an initial consultation with a lawyer?

Meeting with a lawyer for an initial consultation is generally not a chance to ask legal questions that are in depth, but is instead an opportunity to get a sense as to whether this lawyer is the right one to handle your case. Use this meeting to help you decide which lawyer will be the best one for your case.

What does an asset protection attorney do?

Defining an Asset Protection Attorney. An asset protection attorney is a lawyer with experience in helping clients find legal ways to protect their assets when lawsuits, bankruptcy, creditor claims, or other liabilities arise.

What is an attorney's greatest asset?

Five Powerful Assets of a Good LawyerWhy Do I Work With Lawyers (Almost Exclusively)?Quality No. 1: Lawyers Are Smart & Are Stellar in Academics.Quality No. 2: Lawyers Are Great Communicators.Quality No. 4 Lawyers Have Well-Developed Analytical Skills.Quality No. 5: Lawyers Have Power to Persevere.

What are examples of marital assets?

Marital assets refers to all property acquired during the course of the marriage, regardless of ownership or who holds the title to it. Examples of marital assets may include, among others, house(s), cash, stocks, bonds, cars, pensions, and insurance.

What are the assets of a law firm?

6 Key Brand Assets Every Law Firm Should Consider HavingName. Sounds obvious, right? ... Logo. The logo of your law firm is the visual translation of your brand. ... Additional Visual Identity Elements. ... Brand Purpose, Mission, and Vision. ... Brand Slogan or Tagline. ... Consistency.

What is considered assets in a marriage?

Marital property includes real estate and other property a couple buys together during their marriage, such as a home or investment property, cars, boats, furniture, or artwork, when not acquired by either as separate property.

What assets Cannot be touched in divorce?

In equitable distribution states, premarital property, gifts and inheritances are usually excluded from division. The central component that makes community property states different from equitable distribution states is how the court treats marital assets.

Is furniture considered an asset in divorce?

When household items, including your furniture, furnishings and appliances do not have a substantial value, spouses will equally divide the items based on agreed-upon method. One option is for spouses to alternate picking an item until all of the items are divided (absent personal effects).

How do you calculate the value of a law firm?

Here, a value for a law firm is determined by averaging, typically, the past five years' worth of that firm's gross fee revenues. Then, a factor of between 0.5 and 3.0 is applied, depending on a number of considerations revolving around the expected ability for those revenues to stay the same or increase in the future.

What is accounting for lawyers?

Accountancy is the science, art and practice of an accountant. It is a discipline which records, classifies, summarises and interprets financial information about the activities of a person or concern so that intelligent decisions can be made about the future actions.

What is a balance sheet for law firm?

The Balance Sheet (Statement of Financial Position) This statement displays the balance of your firm's assets and liabilities with all the owners' equity in your firm. Typically, you organize this statement in one of two ways: Liabilities on the left and assets-plus-equity on the right.

What are considered assets?

An asset is anything you own that adds financial value, as opposed to a liability, which is money you owe. Examples of personal assets include: Your home. Other property, such as a rental house or commercial property.

What to list as assets in a divorce?

Examples of Assets to List in a DivorcePersonal and shared bank accounts.Retirement accounts.Real estate properties.Income properties.Land.Automobiles.Recreational vehicles such as trailers, boats, motorcycles, etc.Life insurance policies.More items...

Is my wife entitled to half my savings?

If you decide to get a divorce from your spouse, you can claim up to half of their 401(k) savings. Similarly, your spouse can also get half of your 401(k) savings if you divorce. Usually, you can get half of your spouse's 401(k) assets regardless of the duration of your marriage.

What is asset protection?

The goal of asset protection is to protect wealth, property, and other assets from creditor claims. Asset protection strategies are used both by individuals and companies. They help limit creditor access to valuable assets and properties in a legal fashion.

Why do not every law firm have lawyers?

Because of the sensitive and often complicated nature of asset protection, not every law firm has lawyers that specialize in it. There are laws and regulations specific to shielding your assets from creditors and creating a long-term protection plan.

What is the lowest tier of asset protection?

To get a better idea of how to decide what to do, the lowest tier of asset protection may include buying a homeowners or auto insurance policy. Altering the deductible and coverage level helps you create the right coverage for your personal or business property. Moving up in the asset protection continuum could include setting up a limited liability company (LLC) or corporation. An LLC may provide protection for rental property or other real estate. A corporation can own your business. The protection of an LLC or corporation comes from protecting your identity, separating you from your asset in the eyes of the creditor. Plus, it could be a good idea at this level to set up a life insurance trust to protect the cash value of your life insurance policy. A powerful strategy further up on the continuum often includes creating an asset protection trust.

When should you start an asset protection plan?

The Ideal Time to Act. Any asset protection plan should ideally begin before a lawsuit arises. The law makes it more difficult to block current creditors from accessing assets, and implementing protective measures in the middle of a lawsuit.

What does ABA stand for in estate planning?

Thus, the attorney you choose must know these laws in order to help you create a plan. The American Bar Association (ABA) suggests inquiring as to your attorney’s experience in handling estate plans. Membership in certain bar associations and organizations can show a certain level of dedication from your attorney.

Can you get sued for asset protection?

Asset protection planning might seem like something only for the super wealthy. Elder Law explains that anyone can get sued. Lawsuits can come from a variety of places, including car accidents, credit card debt, foreclosures, unhappy customers, and more.

Can a corporation own a business?

A corporation can own your business. The protection of an LLC or corporation comes from protecting your identity, separating you from your asset in the eyes of the creditor. Plus, it could be a good idea at this level to set up a life insurance trust to protect the cash value of your life insurance policy.

Why do attorneys do asset searches?

Asset searches are handy for the discovery process. An attorney can use such a search to find unreported assets, hidden businesses or entities that are holding assets, and other sources of income. Such searches can help an attorney create stronger requests and subpoenas.

When do you consult an attorney?

This means you must do everything in your power to make sure you’re well informed. Business owners often consult attorneys before beginning new businesses, adding partners, hiring a high-profile employee, or negotiating a merger. The attorney's job is to examine the other entity's health and potential; an asset search can help a client make the best decision.

Why is asset search important?

When a client has severe injuries and not enough insurance coverage, an asset search might help you find other potential sources for help. As with business due diligence, it's your responsibility to give your client the best legal advice possible. Your client expects you to help finding compensation for injuries, and an asset search can be the key to opening those avenues.

What is asset search?

An asset search is a powerful tool. Attorneys can use such a search to find hidden documents. Unlike a public record search, an asset search finds information that is not always available to the public. Such a can find a business or individual's personal property or real estate. It also can yield the status of such assets, for example, if there are any judgments or liens on those assets.

Can a spouse hide assets when divorced?

But, it doesn't always work that way. Sometimes, a divorcing spouse will try to hide assets from the other. If the other spouse doesn't find out about the assets, they won’t be included as joint assets and the sneaky spouse won’t have to share. Fortunately, attorneys have some legal tools they can use to expose these hidden assets.

Why is it important to meet with a small business attorney?

Meeting with a small business attorney is an important way to get your business off to a good start and minimize future risks. Here are questions to ask at your first meeting.

What is a meeting with a lawyer?

Meeting with a lawyer for an initial consultation is generally not a chance to ask legal questions that are in depth, but is instead an opportunity to get a sense as to whether this lawyer is the right one to handle your case. Use this meeting to help you decide which lawyer will be the best one for your case.

What to ask a lawyer about a case?

An important question to ask a lawyer is what the strategy for your case will be and the outcome the lawyer expects. You’ll want to get details on what kind of procedures to expect. Ask how long it will take for the entire case to be resolved. Discuss the legal strategies that will be used. Find out if your attorney will attempt to settle and if mediation or arbitration are options. Think about the answers and if you are comfortable with them. Maybe you want to avoid a trial at all costs but your attorney really wants to just go to trial, or perhaps you have no intention of settling and want your day in court. It is important that your lawyer’s strategy lines up with your needs.

Why do lawyers offer free consultations?

Most lawyers offer a free consultation so that you have a chance to determine if he or she is the right person for you. Going to the first meeting with some simple questions can help you ensure you find the right person for the legal help you need. You will not get much legal advice at this consult since it is not meant to resolve your legal ...

Can you ask where an attorney went to law school?

It is generally not very helpful to ask where the attorney went to law school since you can find this information online and it often tells you nothing useful anyhow. Focus instead on experience with your type of case. You can also ask the average verdict the lawyer has obtained in your type of case.

What factors determine if a lawyer's fees are reasonable?

Factors considered in determining whether the fees are reasonable include: The attorney’s experience and education; The typical attorney fee in the area for the same services; The complexity of the case; The attorney’s reputation; The type of fee arrangement – whether it is fixed or contingent;

What expenses do clients have to pay for a lawyer?

Clients may also be responsible for paying some of the attorney or law firm’s expenses including: Travel expenses like transportation, food, and lodging; Mail costs, particularly for packages sent return receipt requested, certified, etc; Administrative costs like the paralegal or secretary work.

Why do lawyers need to put contracts in writing?

A written contract prevents misunderstandings because the client has a chance to review what the attorney believes to be their agreement.

What are the biggest concerns when hiring a lawyer?

Attorney fees and costs are one of the biggest concerns when hiring legal representation. Understanding how attorneys charge and determining what a good rate is can be confusing.

What is flat rate legal fees?

Flat rate legal fees are when an attorney charges a flat rate for a set legal task. The fee is the same regardless of the number of hours spent or the outcome of the case. Flat rates are increasingly popular and more and more attorneys are willing to offer them to clients.

What are the costs of a lawsuit?

Some common legal fees and costs that are virtually inescapable include: 1 Cost of serving a lawsuit on an opposing party; 2 Cost of filing lawsuit with court; 3 Cost of filing required paperwork, like articles forming a business, with the state; 4 State or local licensing fees; 5 Trademark or copyright filing fees; and 6 Court report and space rental costs for depositions.

What happens if a trust account dips?

The agreement may provide that if the amount in the trust account dips below a certain amount, the client must replenish it by putting more funds into the account. If there is money from the retainer fee remaining at the end of the representation, the attorney is required to refund that amount to the client.

What is an asset protection trust?

Asset protection trusts offer a way to transfer a portion of your assets into a trust run by an independent trustee. The trust's assets will be out of the reach of most creditors, and you can receive occasional distributions. These trusts may even allow you to shield the assets for your children.

Which states allow asset protection trusts?

But these trusts can be expensive to establish and maintain. Now a number of states, including Alaska, Delaware, Rhode Island, Nevada, and South Dakota, allow asset protection trusts (APT), and you don't even need to be a resident of the state to buy into one.

What is the protection of cash surrender values?

Some protect the cash surrender values of life insurance policies and the proceeds of annuity contracts from attachment, garnishment, or legal process in favor of creditors. Others protect only the beneficiary's interest to the extent reasonably necessary for support. There are also states that do not provide any protection.

Is an ERISA plan considered a QDRO?

ERISA plans are also protected in all other cases, except under qualified domestic relations orders (QDRO)—where assets can be awarded to your former spouse or other alternate payees—and tax levies from the IRS. For this purpose, a qualified plan is not considered an ERISA plan if it covers only the business owner.

Can you garnish your assets if you file for bankruptcy?

There are many circumstances in which your assets can be attached or garnished, including if you file for bankruptcy, get a divorce, or are on the losing side of a civil lawsuit . Most people don't consider these circumstances until they occur.

Does a trust have to have a spendthrift clause?

It must only allow distributions at the trustee's discretion. It must have a spendthrift clause. Some or all of the trust's assets must be located in the trust's state. The trust's documents and administration must be in the state.

Can medical professionals be sued?

Medical professionals and corporate executives aren’t the only ones who may be subject to lawsuits and need to protect their hard-earned assets. Various investment accounts, such as individual retirement accounts (IRAs), carry a certain amount of protection in the interest of justice. Federal laws protect numerous retirement plans, ...

How much does a consulting firm make in the first year?

For undergraduates, the big firms pay between $65,000 and $100,000 the first year. 1  For MBAs, the pay can be as high as $200,000. 2 .

What is management consulting?

A management consultant must be able to analyze a company's operations and determine where inefficiencies exist and where processes can be streamlined or eliminated. While having good people skills confers a significant advantage in either career, it is an absolute must for management consulting.

How many hours do attorneys work in New York?

Sixty-hour weeks are the norm for first- and second-year associates at big New York law firms, while many young attorneys report pulling as many as 80 to 90 hours per week in the office.

Is management consulting a high income career?

Management consulting and a career in law are both high-profile and potentially high-income careers. Both carry a healthy dose of prestige and both have high barriers to entry, including post-college education and fierce competition.

Professional Fees Definition

Professional fees are fees charged by a person who is trained and experienced in a certain field of practice or a member of a professional order such as a doctor, lawyer, architect, engineer, or accountant.

Rule 1.5 on Fees

In the United States, the American Bar Association has a model Rule 1.5 relating to fees.

Accounting Professional Fees

Accountants also charge professional fees for the accounting services they render.