For some, putting an Asset Protection
Plan in place is advisable in order to attempt to remove the economic incentive to
be sued and also to try and increase the ability to force an early settlement in the
event a suit is filed.
In order to assess whether a client needs to develop a comprehensive Asset Protection
Plan,
we must first determine the client’s sources of liability. Some potential sources
include:
- Divorce
- Auto Liability
- Liability from owning Real Property
- Negligence
- Liability from Agents, Employees and Children
- Professional Malpractice Liability
- Contractual Liability
- Liability as an Officer or Director.
We work with each client and their financial advisors to evaluate their need for asset
protection and then develop an Asset Protection Plan that works to legally secure their
assets and minimizes taxes and transfer penalties.
Our attorneys are able to employ a variety of techniques including Limited Liability
Companies, Irrevocable Trusts, Protected Retirement Plans, Domestic Asset Protection
Trust, State and Federal Exemptions among others when planning for asset protection. |
