It is unfortunate that in today’s society, we all must think about protecting our hard earned asset from the litigious nature of others. This is accomplished by creating a skid asset protection plan. Asset protection planning involves putting in place decisions today to protect yourself, your business, and your hard-earned assets from loss due to lawsuits, creditors or bankruptcies. Asset protection planning is a must for business owners, high net worth individuals and professionals, such as doctors, whose personal assets could be at risk due the nature of what they do.
No one thinks it will happen to them, but we all know that lawsuits, divorces and corporate and individual bankruptcies are on the rise. Without a plan in place, your wealth created over the span of your life can be lost in an instant through one of these disasters. To protect your assets from such disaster, proper risk management strategies should be considered, including strategies to exempt your assets from the claims of creditors, limit your liability through legal entities, and transfer your risk through insurance.
How do Business Owners and Professionals Limit Liability, protect assists and transfer risk?
There are various strategies to accomplish all of these things. An experienced attorney can guide you through the proper steps to take to put your assets in the best possible safeguarded position. Some of these strategies include:
- Placing assets into various types of trusts, domestic and offshore
- Creating legal entities for your business or investments
- Creating multi-layered companies and limited partnerships
- Ensure proper liability insurance is in place
- Utilizing family limited partnerships
These are just a few of the ways your asset protection plan can be accomplished. Most clients find that by sitting down with an attorney to understand what can happen to their assets in their current state, they see the immediate benefit of formulating a comprehensive asset protection plan. Let’s make sure you and your assets are insulated from the liabilities waiting in the darkness.
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