50 Briar Hollow Land, West Building
Suite 210 West
Houston, Texas 77027

P: (713) 529-6047
F: 866.274.8369


James C. Mulder
attorney at law

Elements of Personal Asset Protection

As I have said previously, personal asset protection is much more than protecting assets from a successful creditor in a lawsuit. You need to know the assets that you personally own that could be at risk. In order to know what assets you own that are at risk, you must know your Texas state exemptions.

Our Texas constitution and statutes under the Texas Property Code and Insurance Code promulgate our state exemptions. Texas has some of the very best exemptions available to Americans. Texas exempts two types of real property: (a) one or more cemetery plots: and (b) a homestead. Either families or single adults may claim homesteads. The homestead may be either rural or urban and it includes any improvements on the land. So, you can build the Taj Mahal on your homestead and feel secure in living out your days in peace, so long as you pay your mortgage, taxes (income and property) and those you hire to improve or add on to your property.

Texas also has personal property exemptions. These include two different types of exemptions for personal property: (1) an "aggregate" exemption for certain kinds of personal property, limited by the combined value of the property; and (2) unlimited exemptions for other kinds of personal property. Families and single adults may exempt certain kinds of personal property from the claims of creditors as long as the combined fair market value of the property does not exceed: (1) $60,000 for a family; or (2) $30,000 for a single adult.

But the best exemptions other than the homestead are those that don’t have any limitations on value. These include IRAs, annuities, current
wages and life insurance.

Once we know what you have that is not protected by our state exemptions, we can then suggest a plan to protect what is at risk.

For more information on the basics of asset protection for your business or family, contact WealthKeepers today at 713.461.9699 or info@WealthKeepers.net