Asset Protection Planning
Shielding your assets from the claims of potential creditors and predators is best accomplished with an asset protection plan. An asset protection plan can protect your hard-earned assets against unforeseeable and uncontrollable events and situations. Asset protection involves taking steps to keep your assets safe from being taken by someone who wins a lawsuit against you. In order to be successful in protecting your assets, it is important to start asset protection planning before a lawsuit is anticipated. A comprehensive asset protection plan needs to integrate the goals of protecting both your short-term and long-term financial goals, as well as your
estate planning
goals. In fact, asset protection plans are often a helpful precursor to creating a comprehensive estate plan. At
Legacy & Trust Legal Counsel, PLLC
we can assist you in developing an asset protection plan.
What are the risks?
The first thing you should do when developing out an asset protection plan is to determine the risks. People are increasingly using the legal system to unjustly deprive others of their life’s work. Millions of new lawsuits are filed in the United States every year, many of which are frivolous or settled for sums greater than the actual liability. We live in a world and society where some people see a lawsuit as a get-rich opportunity. Their opportunity can become your nightmare. Plaintiffs and their attorneys can seek to deprive you of your assets and your family and beneficiaries of their legacy. These persons are referred to as “predators.” With a sympathetic jury or judge, they can become your creditors. Lawsuits that a few years ago would have been considered frivolous or without merit can now be decided in favor of the Plaintiff.
Business owners, professionals such as doctors, dentists, lawyers, accountants, and property owners in particular should be aware of the risks associated with conducting their business, practicing in their respective fields, and taking responsibility for others.
Without a massive overhaul of our legal system, the risk and potential liability is not going to decline. In fact, it has steadily increased over the past few decades. Assets can be at risk due to a number of vulnerabilities, including:
- Professional malpractice liability
- Personal liability of corporate officers and directors
- Lawsuits by former business partners
- Personal injury suffered on your premises
- Personal injury resulting from a motor vehicle accident
- Liability as guarantor for the debts of another
- Liability arising from misconduct
The Northern Virginia Asset Protection Attorney at Legacy & Trust Legal Counsel, PLLC
will assist you in risk evaluation and determine some cost-effective strategies to diminish your risks and protect your assets.
How Legacy & Trust Legal Counsel, PLLC Can Help You
Our law firm assists professionals, small business owners, property owners, and other clients in establishing proven, legally sound asset protection strategies to safeguard assets against potential litigation, judgments, liens, and fraud. Insurance alone does not always adequately protect against all of these threats. We help clients protect their wealth using a variety of strategies including the use of special trusts, business entities and other legal arrangements. We meet with you to determine the risks you may face with your particular business or profession and your assets. We develop an action plan tailored for you to better secure and protect your assets. We implement your asset protection plan through creating several strategies. These strategies may include:
- Domestic and offshore trusts
- Domestic and offshore and domestic business entity formation
- Exempt asset protections under state law
- Negotiation and preparation of pre and post-marital agreements
The ultimate goal is to effectively protect assets in a manner that is effective, legal and ethical.
Why You Need to Protect Your Assets: It is all about your Legacy
Simply, asset protection is arranging your assets and your affairs in the most effective way to protect and secure them from the risks of predators and creditors. In today’s environment it is essential for anyone who faces the risks discussed above to have an effective asset protection plan in place. Securing your wealth and your legacy requires not only an estate plan but an asset protection plan as well. Everyone understands the benefits of having insurance to protect your assets from unanticipated events. Hazard and casualty insurance is necessary to provide protection from the risks of fire, floods and wind damage. Liability insurance is necessary to provide protection from the risks of auto accidents and personal injury. But what can you do to protect your assets from claims in excess of your insurance or from risks of lawsuits or from unexpected business liabilities?
Fortunately having an asset protection plan in place can help insulate you from these potentially significant risks. At Legacy & Trust Legal Counsel, PLLC we believe in providing you with effective and pragmatic solutions so that you can have confidence that your assets and your legacy are protected. An effective asset protection plan needs to be in place before a lawsuit or claim is made against you so it is important to take the step toward greater protection today. If you are considering asset protection, then it is very important that you start by
contacting us today.
