Asset Protection
It is often said that we live in a litigious society. Our nation of laws, while democratic, also allows and enables people to sue others for a variety of reasons, ranging from business lawsuits, the non-payment of debt obligations, personal injury, legal or medical malpractice, faulty construction or product defects, etc.. Lawsuits brought by legitimate creditors, or even spurious claims brought against innocent individuals by unscrupulous persons, can and do disrupt the lives of the persons being sued, and can result in those persons losing all or a portion of their assets. By using proper legal entities and ownership strategies to achieve asset protection, however, the lawsuits and claims that creditors might bring against a corporation or a limited liability company cannot generally be brought to bear against the principals of the business.
Other types of asset protection can also protect individuals from lawsuits. Some assets, like real estate or investment properties, if properly placed into an irrevocable trust, for example, can also be protected against the claims most creditors might have against the grantor individually. Unfortunately, many people don't consider employing asset protection techniques until after they have been sued or become involved with a creditor. In most of these cases the fraudulent conveyance act prevents the transferring of any assets into an asset protection entity for the purpose of avoiding a known creditor. Proper asset protection is always most effective when it is done long before a lawsuit or creditor begins to pose a threat.
- Areas of Practice
- Revocable Living Trust
- Living Wills
- Durable Power of Attorney
- Irrevocable Life Insurance
- Charitable Remainder Trust
- Tax Planning
- Estate & Gift Tax
- Advanced Estate Planning
- Private Foundation
- Trust Administration
- Probate & Trust Litigation
- Business Succession Planning
- Asset Protection
- Corporation
- Limited Liability Company