Our firm’s highly experienced estate planning attorneys help our clients with asset protection planning and strategy to protect their family assets and estates. While estate planning usually involves issues associated with preserving and passing property at death, asset protection deals with the immediate need to protect assets during a one’s lifetime. Popular asset protection techniques that we use to help our clients include: Family Limited Partnerships, Limited Liability Companies, Qualified Personal Residence Trusts, Family Savings Trusts, Offshore LLC’s, Offshore Trusts, Equity Stripping techniques for Real Estate and Accounts Receivable and many other popular asset protection strategies. Asset protection is the specialty area of the law that addresses key financial concerns. Our asset protection attorneys will identify the best ways to organize your personal and business financial affairs to minimize liability, tax implications, and risks of a lawsuit. We will develop innovative asset protection plans to insure that your personal and business’s accumulated wealth and future earnings are insulated and shielded against potential loss.
Asset protection typically begins with a thorough evaluation of the business and personal liability risks faced by our clients. Much asset protection planning is devoted to organizing and reorganizing business structures and advising clients how to take full legal advantage of the limited liability protection available through the proper and creative use of available asset protection strategies. Accumulated personal assets, including business and real estate properties and other investments should also be protected from liability risks to the greatest extent possible. We use sound estate planning principles to create a comprehensive asset protection plan to minimize business risk and protect personal assets from sources of potential liability.
Benefits of Asset Protection Plan includes:
- Protection of family savings and investments from lawsuits and claims,
- Protection against inadequate or unavailable insurance coverage,
- Insulation of rental properties: to reduce your exposure to potential lawsuits,
- Protection of business assets and accounts receivable from potential claims,
- Elimination of probate, and
- Reduction of estate taxes.
Summary of Asset Protection Strategies:
- Family Limited Partnership. The FLP is an excellent tool for protecting safe assets such as savings and brokerage accounts. In addition, if you have an estate that may be subject to future estate taxes, the FLP can be used to create significant tax savings.
- Limited Liability Company. If you own rental real estate or other dangerous assets we will always place that property in an LLC. This protects you from personal liability arising from the property.
- Personal Residence Trust. If you have substantial equity in your home, the Personal Residence Trust is an effective strategy. The PRT is always used in conjunction with a FLP or LLC. The residence is placed in the PRT and other family assets are protected in the FLP/LLC.
- The Family Savings Trust. When our goal is asset protection, we use the Family Savings Trust by itself, or in combination with the Family Limited Partnership or LLC. We are able to incorporate a broad variety of features within the trust at a level that is likely to meet all or most of your asset protection, estate planning, and privacy objectives.
- Offshore Limited Liability Company. For those with a high liability risk, the Offshore LLC is a powerful weapon for self-defense. It is quick to establish and maintain. In addition it increases your flexibility, negotiating leverage, and your ability to defeat a potential adversary from attaching your personal or business assets.
- Equity Reduction Plan. Substantial equity in real estate, accounts receivable, and business equipment can be well protected from liability with an Equity Reduction Plan. This is usually structured as an important feature of the Family Savings Trust or an Offshore Limited Liability Company.
Our firm’s estate planning and asset protection planning attorneys develop innovative asset protection strategies designed to shield business assets from liability risks, shield the family home, and personal savings from future claims. Contact us today to discuss having our estate planning and asset protection attorneys help you with creating a comprehensive estate and asset protection plan.