What is Asset Protection?
Asset protection is the specialty area of the law that addresses key financial concerns.
- What are the best ways to organize one’s business and financial affairs to minimize liability and lawsuit risks?
- What options are available to insure that accumulated wealth and future earnings are insulated and shielded against potential loss.
Asset protection typically begins with a through 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 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. Sound estate planning principles should be applied to create an integrated personal plan to minimize business risk and protect personal assets from sources of potential liability.
Our site is intended to provide a detailed and comprehensive discussion of the important legal and practical implications of asset protection planning. In the Asset Protection Law Library and in Asset Protection Articles the latest cases, legislation and issues are presented. What is asset protection? Who needs asset protection? What strategies have we developed for our clients and what results have been achieved over the years? These are some of the questions specifically addressed.
Asset Protection Planning
More than nineteen million lawsuits are filed in this country every year. Business owner and professionals face unpredictable and seemingly random jury verdicts and awards. Similar facts may produce dramatically different outcomes–$1million in one case and $10 million in another. In addition to the hazards of professional practice, lawsuits arise because of unforeseen business problems, medical expenses, unsubstantiated claims, divorce, IRS disputes, accidents and a host of other financial disasters.
The Advantages of Asset Protection
A properly designed Asset Protection Plan is designed to accomplish your most important objectives:
- Using the most favorable asset protection laws available.
- Keeping property free from liens and attachments.
- Maximum privacy and protection for accumulated wealth and future earnings.
- Enhanced legal negotiating leverage.
- Protection against liability which exceeds insurance coverage.
- Insulating rental properties from inside or outside lawsuit liability
- Protection of retirement savings.
- Protection of business assets and accounts receivable from claims.
While estate planning usually involves issues associated with preserving and passing property to family members, asset protection deals with the immediate need to protect assets during lifetime.
Asset Protection Strategies
There are many legal asset protection plans which can accomplish your goals. Here we will focus on seven important asset protection strategies that form the foundation of most plans.
These techniques should be varied and combined into greater and higher levels of sophistication to produce the best asset protection for you. An understanding of these foundational legal strategies will assist you in developing an asset protection plan which accomplishes your goals.