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Protection of Personal Assets

Arizona Personal Asset Protection Attorneys

As a business owner, proactive personal asset protection may be essential to protecting your hard-earned assets against situations and events beyond your control. At Law Offices of Donald W. Hudspeth P.C., we have the business savvy and legal experience to evaluate the risks you face and the best methods for legal asset protection. Without submitting to unnecessary pessimism or hardship, you can still protect your most valuable assets from creditors and lawsuits.

Determine the risks

If you own a small business, does the corporate, company, or partnership structure put you at undue risk of paying for the mistakes of others? What sorts of lawsuits are most likely to result from the type of business you run? Is your business especially risky, like a whitewater rafting or skydiving concern? If your business regularly invites customers onto your premises, are the premises currently safe and regularly maintained? Is your business at undue risk of insolvency if one or two key customers go into bankruptcy or chose another provider?

The Arizona personal asset protection lawyers at Law Offices of Donald W. Hudspeth P.C. will help you evaluate all of the risks created by your business type and business structure, and take cost-effective steps to minimize them while keeping your business healthy and growing.

Protect yourself from risks you cannot avoid

Every Arizona asset protection attorney knows that some risks are simply unavoidable: no amount of careful planning on your part will prevent a key client from going bankrupt or a clumsy customer from tripping and suing. But you can take steps to prevent all of your hard-earned assets from disappearing.

  • If you run a sole proprietorship, general partnership, or limited partnership, consider reorganizing your business as a limited liability company, limited liability partnership, or corporation. The limited liability and corporate structures prevent creditors and plaintiffs from successfully pursuing your personal assets in almost all circumstances.
  • If you do not own a home, consider buying a moderately-priced home. Arizona allows debtors to retain $150,000 of equity in their home if they declare bankruptcy. If you buy a reasonably-priced home, or do not pay off your mortgage or home equity loan in full in order to keep your equity in your home at $150,000 or below, your home will not become available to creditors if your sole proprietorship or general partnership goes into bankruptcy.
  • For other or larger properties or accounts, consider transferring assets to someone you trust. Creditors and successful plaintiffs cannot take what does not belong to you—consider transferring assets to your spouse or to your children before any problems arise.
  • Depending on the risks your business creates, consider increasing your insurance coverage to cover more or all of a court award or settlement if you are sued.
  • Finally, speak to an Arizona personal assets protection attorney about the possibility of creating an irrevocable trust or a LLC to shield your assets against all eventualities.

Asset protection is one of our most popular practice areas, but like estate planning, it needs to be done before you need it. Once you have notice of a lawsuit or legal claim any transfer of assets, even for an otherwise legitimate purpose, may be challenged as a fraudulent transfer and make a bad situation worse.

Work with a business-minded attorney who knows personal assets

The Phoenix business lawyers at Law Offices of Donald W. Hudspeth P.C. know business law inside and out and can help forecast liability and insolvency risks that face your industry generally and you specifically. Our Phoenix business law firm can help you protect your personal assets in Arizona from business-generated risks, leaving you free to concentrate on running your business and living your life.

Contact us at 602-265-7997, toll free at 866-696-2033 or email us online today to arrange an initial consultation with an expert Arizona personal assets lawyer.

At Law Offices of Donald W. Hudspeth P.C., we do more than connect the dots—we create the dots.

What others are saying about us
  • "I would recommend Mr. Hudspeth unequivocally. Not only is he an outstanding business attorney, he also provided me with access to a divorce attorney. Thanks to his skill, and resources available outside the Phoenix law family, I was successful in challenging a “family law” mediation that was particularly and grossly unfair." - Chandler, Arizona Private Individual

  • "Thank you for the work you have done in creating these documents. It is always a pleasure dealing with this firm!" - J. P.

  • "An excellent response. Masterfully prepared. Thank you." - El Paso, Texas Real Estate Investor

  • "Glad about meeting with Don. Felt so much better, better than in 15 years. Really appreciated the conversation." - RH, Phoenix Manufacturing Company

Donald W. Hudspeth Attorney Photo
Donald W. Hudspeth
Principal Attorney

Attorney Donald W. Hudspeth has more than twenty years’ experience practicing corporate and business law. Before attending law school, Mr. Hudspeth held a stock brokers license at the age of 21 and owned his own business at the age of 23. He was a business law professor at Arizona State University, West Campus, and has conducted classes and seminars for a number of higher institutions and organizations. Mr. Hudspeth has published two books on law and is the founder of the radio programs Law on the Edge and Law Talk.

Robert J. McGee Attorney Photo
Robert J. McGee
Associate Attorney

Robert J. McGee is an Arizona native who has been practicing law since 2014. Robert’s primary experience is with all aspects of intellectual property – trademarks, copyrights, trade secrets, and patents. Robert has substantial additional experience with cyberlaw. He is an avid collector of esoteric knowledge and always takes an interest in the details of how each client’s business works.

Mark S. Hamilton Attorney Photo
Mark S. Hamilton
Attorney

About Attorney Mark S. Hamilton has experience handling all aspects of civil and commercial litigation in federal, state, and tribal courts at the trial and appellate levels. Practice Areas Business litigation Commercial litigation Education University Of Hawaii Wm. S. Richardson School Of Law, Juris Doctor - 2002 University Of Hawaii, Master Of Arts In Asian…

  • Preeminent AV Rated
    Client Distinction Award
    Bar Register
    AV Rating
    The Arizona Republic
  • Newsweek
    Arizona Sate University
    Top Rated Lawyers
    Client Champion
    McAfee Secure
  • Lawyers Of Distinction
    2020 issue of AZ Business Leaders

Our firm now offers a scholarship program for ASU first and second year law students.

The scholarship is awarded to students for academic merit with an interest in business and business law. Candidates may have majored in fields other than business, have taken a break between college and law school, or have had exceptional life experiences.

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