Q: What is Asset Protection?
A. Asset protection is a method of arranging assets in a way that will preserve as much value as possible in the event of a family member’s death or financial problems. The process of asset protection requires a professional to know his way around a variety of areas of law, such as creditors’ rights, bankruptcy, divorce and estate planning/probate, as well as estate and gift taxation, trusts, partnerships, laws of foreign countries, conflicts of law, pension plans, corporate law, family law, and the laws concerning Social Security; Medicare, and Medicaid.
Q: Is my house exempt from creditors?
A. Generally yes. Under Texas Law your household is exempt from general creditors. Your household is not exempt from the first lien money Mortgagee, IRS, or Home Improvement Loan.