Are there any asset protection strategies that can protect my assets from creditors?

Yes, there are a few asset protection strategies available in Indiana that can be used to protect your assets from creditors. First off, you can set up an asset protection trust. This type of trust allows you to transfer your assets to a third-party, such as a trustee, who then holds and manages them. This gives you some distance from the asset so it is not subject to the same creditor claims that you may be. Second, you may be able to create a limited liability corporation (LLC). As long as you can structure the LLC correctly, it can provide a layer of protection between creditors and your assets. This is done by making sure you are the sole owner of the LLC and that you are not involved in the day-to-day management of it. Finally, you may be able to use some exemptions to protect your assets from creditors. For example, in Indiana you are allowed to keep up to $7,500 in equity in your house, $1,000 in a motor vehicle, and $2,500 in household goods without the fear of creditors taking them. You are also allowed to exempt up to $400,000 in retirement savings, as long as you have not withdrawn it in the last 12 months. It is always best to consult a lawyer who specializes in asset protection law if you are unsure about how best to protect your assets in Indiana. A lawyer can provide you with detailed advice on the best asset protection strategies available and help you create a plan that meets your needs.

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