Asset Protection Planning
Asset Protection Planning
Nobody anticipates being sued, yet last year, 20 million people were involved in lawsuits. The more successful you are, especially in business, the more at risk you become as others see your success grow. This is where we can help. We assist in setting up your life structures to allow you to take on maximum risk while minimizing your exposure.
Issues resulting in LawSuits
Divorce, inheritance, and creditors are among the many issues that can lead to devastating lawsuits for unprepared families and business owners. Unfortunately, those who think they are immune are often at the highest level of risk.
Now more than ever, Americans are increasingly focused on safeguarding their assets from creditors, taxes, and divorce, and with good reason. This is particularly important as one's success becomes more apparent, making them more vulnerable to scrutiny by others.
Here is some of the “risky behavior” you may be engaging in right now without even realizing it:
- Will you be signing loan documents, a personal guarantee, or a lease? Do you have rental properties or employees?
- Are you an attorney, physician, or other licensed professional?
- Are you divorced, or getting married into a blended family?
- Do you have children from a prior marriage or separate property assets that you are bringing into the marriage?
Here is the thing: all of these activities are activities we want to see you do more of. They are, in many ways, the spice of life. But we do not want your creativity and activities to impact your life negatively.
That is where we come in. We can set up your business and life structures to ensure that you can take maximum risk with minimum worry.
WHAT WE DO
We assist you in determining the appropriate level of asset protection planning for your circumstances, through customized combinations of layering depending on your needs, to achieve the best most personalized plan for you.
Lifetime Asset Protection Trusts For Your Beneficiaries
Family Protection Trusts
Other Irrevocable Trusts Depending On Your Circumstances
There are many different strategies to accomplish the protection of your assets while you are alive and after you are gone. We have thoughtfully packaged what we do into customizable options for you and your family, and all of our fees are flat-rate and agreed to in advance so there are no surprises. To find out which strategies may be right for you, contact us for a Family Wealth Planning Session.
There are many different strategies to accomplish the protection of your assets while you are alive and after you are gone. We have thoughtfully packaged what we do into customizable options for you and your family, and all of our fees are flat-rate and agreed to in advance so there are no surprises. To find out which strategies may be right for you, contact us for a Family Wealth Planning Session.
Send Us A Message
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FREQUENTLY ASKED QUESTIONS
Asset protection in estate planning refers to the strategies and techniques used to safeguard one’s assets from creditors, lawsuits, and other legal claims.
This can include the use of trusts, limited liability companies, and other legal entities to separate ownership and control of assets, as well as strategies to minimize potential liabilities.
The goal of asset protection is to ensure that one’s assets are available to provide for one’s family and other beneficiaries, rather than being consumed by legal judgments or other claims.
An appropriate asset protection trust can be used to safeguard certain types of assets from creditors and legal claims in the future. Once we determine which assets are suitable for this purpose in your case, you can transfer those valuable assets into the trust to protect them while you’re alive and also from the IRS when you pass away.
Determining which assets should be transferred into an asset protection trust depends on various factors specific to your situation. This can include your state of residence, the location of your business, the location of your physical office and registered agent, and the location of your assets, among other things.
Even with the use of an asset protection trust, there are certain assets that may be considered exempt from creditors, meaning they are protected forever. This exemption is determined by each state, with different laws and regulations on what assets are considered exempt.
In the field of asset protection planning, the most favorable outcome for you, your family, and your loved ones can be achieved only by working with a lawyer who has a daily experience in handling asset protection planning cases.
You have spent your entire life building your assets, and it’s essential to ensure that they are protected for your family’s future. To avoid leaving it to an online form, internet software, or DIY template that may not provide the best protection for your loved ones, we recommend working with a lawyer who has the expertise to guide you in creating a comprehensive plan that ensures your assets are safeguarded in the way that your family deserves.
Asset protection planning, when done correctly, can be an effective way to protect your assets from creditors. Asset protection planning is a legal strategy that can help protect your assets from creditors and legal judgments.
The basic principle is that assets that are owned by you can be seized by creditors, while assets that are not owned by you cannot be seized. The goal of asset protection planning is to legally separate yourself from the ownership of an asset, while still allowing you to enjoy its benefits.
This can help protect your assets from creditors and legal judgments. However, it’s important to note that asset protection planning should not be used for the purpose of evading a known or likely creditor, as it would be too late for such planning at that point.
Federal law prevents creditors from accessing assets held in retirement plans such as profit sharing, pensions, and 401(k) plans. However, the protection for traditional and Roth IRAs may vary depending on the situation. We work closely with you to understand the specific details of your case and to make informed decisions about asset protection planning.
Cost is a common concern when it comes to asset protection planning, and we understand that it can be a sensitive topic when choosing a professional to guide you. To address this, we have designed our fees on a flat-fee basis, so you know exactly what you’re committing to and there are no surprises.
We cannot quote fees online or over the phone, but we invite you to attend one of our upcoming events where we will provide information about our unique meeting process and fee schedule. This will give you the opportunity to learn more about how to take the next steps at the best time for you and your family.