What is the difference between asset protection and asset preservation?

Asset protection and asset preservation are two different legal concepts that are used to protect an individual’s assets in Louisiana. Asset protection’s main purpose is to protect assets from creditors and potential judgments that can be brought against an individual before any legal action has been taken. Asset protection strategies are typically used while an individual is running a business and managing their finances. Asset preservation, on the other hand, is a form of legal protection offered after a judgment has been issued against an individual’s assets. In Louisiana, asset preservation helps to protect assets that have already been frozen or seized by creditors from being sold in order to pay for the judgment or debt that is owed. In summary, asset protection is used to protect an individual’s assets from potential creditors and judgments before any legal action is taken. Asset preservation is a form of legal protection that is used to protect assets from being sold or seized after a judgment has been issued. Both strategies are important in protecting an individual’s assets in Louisiana.

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What is the difference between asset protection and asset preservation?

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