• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Parman & Easterday

Oklahoma Estate Planning Attorneys

Call Now: (405) 843-6100 |
(918) 615-2700

Attend an Education Program-Oklahoma City Area Attend An Education Program in the Tulsa Area
  • Home
  • Our Firm
    • About Our Firm
    • Attorney and Staff Profiles
    • What Our Clients Say
  • Estate Planning
    • Asset Protection
    • Business Succession Planning
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Financial Planning Assistance
    • IRA and Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Pet Planning
    • Powers of Attorney
    • Probate
    • SECURE Act
    • Special Needs Planning
    • Trust Administration and Probate
    • Young Families
  • Elder Law
    • Coping With Alzheimer’s
    • Elder Law
    • Emergency Medicaid
    • Guardianship & Conservatorship
    • Hospice Care
    • Medicaid Planning
    • Veteran’s Benefits
  • Resources
    • Asset Protection Worksheet
    • DocuBank
    • Elder Law
      • Elder Law & Medicaid Definitions
      • Elder Law Reports
      • Elder Law Resources
        • Edmond Elder Law
        • Oklahoma City Elder Law
        • Overland Park Elder Law
        • Yukon Elder Law
      • Medicaid
      • Nursing Home Resources
    • Estate Planning
      • An Overview of Estate and Gift Taxes
      • Estate Planning Checkup
      • Estate Planning Definitions
      • Estate Planning Reports
        • Advanced Estate Planning
        • Basic Estate Planning
        • Estate Planning for Niches
        • Trust Administration
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Free Estate Planning Worksheet
    • Frequently Asked Questions
      • Alzheimer’s FAQs
      • Asset Protection Planning
      • Estate Planning
      • Elder Law
      • Frequently Asked Questions for Families Without an Estate Plan
      • Inheritance Planning for Minors
      • Legacy Wealth Planning
      • LGBTQ Estate Planning
      • Medicaid Planning
      • Nursing Home Asset Protection
      • Probate
      • Trust Administration
      • Trust Administration & Probate
      • Wills and Trusts
    • Newsletters
    • Probate and Trust Administration
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • Loss of a Loved One
      • Probate Checklist
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
    • Probate Resources
      • Midwest City Probate
      • Moore Probate
      • Oklahoma City Probate
      • Overland Park Probate
    • Published Books
    • Pre Consultation Form
  • Communities We Serve
    • Edmond
    • Midwest City
    • Moore
    • Norman
    • Oklahoma City
    • Yukon
  • Reviews
    • Our Reviews
    • Review Us
  • BLOG
  • Contact Us
Home » Asset Protection Worksheet

Asset Protection Worksheet

Financial security is supposed to result from working hard, saving money, and making smart decisions including investing appropriately. Unfortunately, even if you do everything right, your wealth could be lost in an instant if you have bad luck or if bad things happen to you. One of the smartest and most important money moves you can make involves taking steps to insulate yourself from risk so a little bit of bad luck does not mean the end of your financial security or the loss of your ability to leave a legacy. 

Asset protection is essential for everyone, and it should begin as soon as you start to acquire assets. It is a very personalized process which requires you to understand your biggest risk factors and identify ways to protect your wealth. It is something that you should do with help from an experienced attorney who understands the legal tools you can use for asset protection. To find out more, contact Parman & Easterday, PLLC today. 

Our legal team helps clients in Oklahoma and Missouri to create personalized plans to secure their wealth. We have also prepared an asset protection worksheet you can use to get started on the process of keeping your nest egg safe. Take advantage of the worksheet below to start the asset protection process, but do not take a chance on trying to secure your wealth without the right legal help from a knowledgeable professional. 

Identify Risk Factors

The first step in asset protection is to identify the different risk factors that are the biggest possible sources of loss. These risk factors can differ greatly depending upon whether you are self-employed or work for someone else and, depending upon many other factors, specific to you and your family. 

Some common risk factors that you may wish to include on your list, depending upon your situation, include: 

  • Risks due to lawsuits against your business if you own all or a part of your own company. 
  • Risks due to business debts, if you own your own company and/or sign as a “guarantor” for company debts. 
  • Risks due to personal lawsuits, such as if you hit someone with your car or someone falls in your home. 
  • Losses due to personal bankruptcy caused by a job loss; medical event; or other unexpected expense. 
  • Loss of assets if you are forced to spend down your personal wealth to pay for nursing home care for yourself or for a loved one. 
  • Loss or decline in value of assets if you become incapacitated and cannot manage wealth appropriately.
  • Divorce.
  • Irresponsible heirs, who could cause loss of your wealth when you pass the wealth onto the next generation. 
  • Estate tax, which could cause loss of your wealth when you pass the wealth on to the next generation.

You may also have other things that put you at risk. Begin by making a list of the things you are concerned could cause you to experience a loss of money or property.

Identify Assets You Own

You need to consider what kinds of assets you own and those you wish to protect. Some assets, like retirement accounts, are provided more protections under the law than others.  Some states allow you to retain more equity in your personal residence than others. There are also some assets which you may have a difficult time putting into a trust, which is one of the most common asset protection tools.  

Make a comprehensive list of the different assets that you have so you can work with an asset protection attorney to identify the right approach to keep each source of wealth safe. 

List Possible Approaches to Protection of Your Assets

Once you have listed your assets and identified risks, you can make a list of possible methods of asset protection. There are different ways to approach the protection of assets, each of which have pros and cons. Making a list of different approaches to asset protection is something that you should do with an experienced attorney.  They can explain the different avenues open to you.  

Some of the possible approaches to asset protection that you may decide to include on your list of potential methods to keep your wealth safe include:

  • Formation of a Limited Liability Company (LLC) which can provide protection to those who own businesses. 
  • The purchase of insurance policies including homeowners’ insurance, auto insurance, renters’ insurance, long-term care insurance, health and disability insurance, and an umbrella insurance policy. When insurance is purchased, paying attention to liability limits is important. 
  • The use of trusts to protect assets in the event that you become incapacitated. Trusts can also facilitate the protection of assets by preventing those assets from counting if you try to get Medicaid coverage to pay for your nursing home care instead of paying privately for care yourself. 
  • The use of accounts which provide certain legal protections, such as traditional and Roth IRAs and other tax advantaged accounts. 
  • The creation of a prenuptial or postnuptial agreement to provide protection when property distribution occurs and spousal support decisions are made in the context of a divorce. 
  • A good asset protection plan may involve a combination of different approaches aimed at addressing your unique risks.  An experienced attorney should be consulted to provide the protections that you deserve for the wealth you have worked hard to create. 

Contact an Asset Protection Lawyer

This worksheet can help you to get started in asset protection by getting you thinking about the assets you want to protect and the tools you wish to use. However, making effective use of legal protections under Oklahoma or Missouri law can be complicated.  You cannot afford mistakes.  

You should talk with an experienced attorney at Parman & Easterday, PLLC to find out about how our legal team can assist you.  Give us a call today at (405) 843-6100 or contact us online.  We will arrange a time for you to speak with a caring, compassionate and knowledgeable lawyer who has a long history of offering comprehensive assistance with all aspects of asset protection. 

Primary Sidebar

Parman & Easterday, LLP

DOWNLOAD OUR FREE ESTATE PLANNING CHECKLIST

Follow Us

  • Facebook
  • LinkedIn
  • Twitter
  • YouTube

Where We Are

OKLAHOMA CITY, OK
13913 Quail Pointe Drive, Suite B
Oklahoma City, OK 73134
Phone: (405) 843-6100
Fax: (405) 917-7018

MAP

parman_sidbr_map

Where We Are

TULSA, OK
Memorial Place 7633 E. 63rd Place
Tulsa, OK 74133
Phone: (918) 615-2700

MAP

parman_sidbr_map

Office Hours

Monday9:00 AM - 5:30 PM
Tuesday9:00 AM - 5:30 PM
Wednesday9:00 AM - 5:30 PM
Thursday9:00 AM - 5:30 PM
Friday9:00 AM - 12:00 PM

Footer

footer-logo

The information on this Oklahoma Law Firm website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. This information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.

Oklahoma City Estate Planning Attorneys at Parman & Easterday offer estate planning services in the Oklahoma City, Oklahoma and surrounding areas. Contact us for help today.

Privacy Policy | Contact Us | Disclaimer | Site Map | Powered by American Academy of Estate Planning Attorneys


© 2023 American Academy of Estate Planning Attorneys, Inc.
  • Facebook
  • LinkedIn
  • Twitter
  • YouTube