America is a litigious society and those who have accumulated wealth or had professional achievement are likely to find themselves on the wrong end of a lawsuit at some point. Litigants understand that even if their suit is frivolous someone with assets is likely to settle with them for more than they deserve. Designing the right wills and trusts is only one part of your overall plan for the future. You also want to engage in asset protection planning in order to protect the assets you have and maximize the ultimate transfer of wealth to your beneficiaries. We will help you create an asset protection plan, which is integrated with your current estate plan.

Who Is At Risk?

Everyone, but let’s narrow that down a little:

  • Business owners
  • Professionals such as doctors, dentists, lawyers and accounts
  • Real estate investors

What gives rise to liability?

Your assets can be put at risk by any number of protection vulnerabilities, including:

  • Personal injury suffered by a 3rd party on your premises or in a motor vehicle accident
  • Professional malpractice liability
  • Personal liability of corporate officers or directors
  • Lawsuits by former business partners
  • Guarantor liability
  • Personal Misconduct liability

Asset Protection is about taking action now because when you’re facing a lawsuit it’s too late

If you wait until a lawsuit is on the horizon you will likely be unable to protect your assets. There are a litany of creditor protection and preferential transfer laws that protect creditors at your expense. You must protect your assets against potential litigation, judgments, liens, and fraud before these things happen. It's when things are good that you need to take action.


Insurance alone is not enough

Insurance is absolutely necessary, but it does not always adequately protect against threats. Proper asset protection requires a variety of strategies and an integrated approach.


THE IMPACT OF ASSET PROTECTION ON CREDITORS

Creditors initiate litigation against those they feel have deep pockets. By placing your assets into a trust, or utilizing other forms of asset protection, the creditor will soon realize that there are few assets owned by the person they are suing. When your assets are in properly established trusts or other asset protection vehicles they are generally far removed from claims.


How we put your asset protection plan in place

Asset protection planning is not achieved by any one “magic” strategy. We meet with you, assess the type of assets you own, your profession and risk factors, as well as the level of protection you desire. The exact strategies employed vary depending on you, the nature of your assets, and tax law, to name but a few.

If you want to protect your assets from creditor attack and other lawsuits, we will help you explore the following options and more:

  • Domestic Asset Protection Trust
  • Offshore Trusts
  • Splitting Assets
  • Gifts
  • Homestead and Other Statutory Exemptions
  • Third Party Spend Thrift Trusts

The exact strategies employed by our firm will vary depending on the client, the nature of the assets, the country of origin, and the tax regulations that apply to those assets. The ultimate goal is to protect the status of current assets in a manner that is effective, legal and ethical.