Asset Protection


ASSET PROTECTION
I can assist with business formation and succession planning. I can implement a variety of asset protection strategies designed to protect those with high incomes or high-risk investments, like owners of rental properties, from creditors. Strategies include setting up business entities such as a limited liability companies or family limited partnerships, which can also save your family in estate and gift taxes. Strategies such as Buy-Sell Agreements can also be implemented to protect those who own properties or businesses with more than one person.

Asset Protection is the lawful transfer of assets or the establishment of a structure principally for estate planning or business (not principally for creditor protection) reasons. Asset Protection, is the practice of using a variety of strategies to conserve accumulated wealth from involuntary transfers to “others”. Asset protection is designed to insulate my clients from the debt claims of “others”. These “others” may include:
Spouse -To minimize claims by a spouse raised by a future divorce proceeding.

Creditors of a Child – To minimize risks of claims by a creditor of child to whom a gift is to be made. Clients may want to consider making gifts to trusts with spendthrift and/or discretionary features).

Clients of a Professional – To minimize risk of claims of future clients and patients, strategies include setting up marital property division, establishment of a private retirement plan and/or domestic asset protection trusts.
Future Creditors of a New Business Owner – To minimize risks of claims by future creditors, strategies include the use of an LLC, marital property division, establishment of a private retirement plan and/or domestic asset protection trust.
Tort Claimant of an Owner of High Risk Business – To minimize risk from future tort claimants, techniques include marital property division, holding assets in multiple entities, establishment of a private retirement plan and/or a domestic asset protection trust

Buyer of a Business – To minimize risk of claims against a buyer of a business for breaches of warranties and representations of the seller. Techniques include the establishment of a private retirement plan and/or a domestic asset protection trust.

Tort Claimants – To minimize the risk of future tort claimants (strategies include marital property division, establishment of a private retirement plan and/or domestic asset protection trust.)