Asset Protection

ASSET PROTECTION

There is a cottage industry that has printed so much material on asset protection that one of the world​’​s forest​s​ has probably been eliminated. Asset​ protection refers to actions you take to protect yourself from potential loss​. This could involve the use of limited liability companies, trust​s​, joint ownership, spendthrift provisions ​and a variety of other tools and ​vehicles to keep the wealth and resources that are yours away from creditors. In this litigious society, we all have risk. Whether you are a board of director, fiduciary in any sort of capacity, business owner, property owner, or ​in ​any one of a variety of other positions that ​has a component of human interaction, you have the risk of being sued or becoming indebted and in​ de​fa​u​l​t​ to others. It is essential to take a step back and plan accordingly to sh​i​e​​ld​ at least some of your assets for​ the benefit​ of your loved ones.

As​set ​protection can​ be a fun area if you get started early. The 8000 pound gorilla in the room is the fraudulent conveyance laws, which prevent you from transferring assets outside of your ​possession just before a creditor attaches their judgment against you. Those monies can​ be ​clawed ​back​ from the person to whom they were transferred, which is a very bad thing from an asset protection standpoint. Taking control of your financial wealth and resources requires a hard and circumstantial look at the totality of your health, wealth and family situation. Let us help you get started with that process today! Sign up for a free consultation at your convenience or register for one of our free lunch and learn seminars.

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PROBATE & ESTATE PLANNING