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You’ve worked hard to accumulate significant wealth and assets or build a successful business. However, preserving what you have – and making sure you take care of the next generation – requires a sensitive strategy that takes into account shifting market conditions as well as your values, priorities and future business ambitions.

An attorney who understands the subtle art and science of asset protection can help you avoid common obstacles, such as litigation and exposure to business creditors, and achieve lasting peace of mind.

What is Asset Protection?

Asset protection focuses on identifying and fending off potential threats to what you’ve accumulated and what your investments and businesses will produce in the future. These threats – colloquially known as “predators and creditors” – can include state and federal tax authorities, plaintiffs in a lawsuit, lenders, and ‘outlaw in-laws’ who marry into the family and later threaten to disrupt your legacy plans.

Asset protection involves more than protecting personal property, such as real estate, artwork, jewelry and accounts. It also involves identifying and shoring up risks related to business ventures.

Why Do I Need Asset Protection?

Many individuals and businesses use incomplete or hodge-podge strategies to shield themselves from problems, such as:

  • Obtaining insurance coverage for various contingencies;
  • Creating corporations and other business entities;
  • Creating trusts or establishing other entities to manage assets and pass them along to children, dependents or charities.

Individually, these approaches may be helpful, but if they’re disconnected or done in piecemeal fashion, you will not enjoy full-spectrum protection to make important business decisions, provide for the next generation and plan for business succession, retirement or charitable giving.

An insurance company may deny or rescind coverage; a business entity you establish may become insolvent; and a trust may provide only incomplete protection. For instance, if you establish a revocable living trust (RLT), that entity will not prevent your assets from being attached in a lawsuit.   

Asset protection is a holistic enterprise that focuses on the gaps where traditional forms of protection fail. It also emphasizes the long-term aspects of planning by minimizing the tax burden on your estate, keeping your heirs from spending their inheritance too quickly, funding charities that are deeply meaningful to you, preserving the family’s wealth, and enshrining and passing on key family values.

Insightful Assistance with Sophisticated Asset Protection Challenges

Whether you’re an attorney representing a high net worth client who faces legal challenges or opportunities; or you’re a well educated investor who needs a more thorough strategy for how to shield what you’re created from the threats of an uncertain world, our legal team has the experience and detailed knowledge of financial instruments and strategies to achieve your goals. Call or email us to schedule a private conversation to obtain peace of mind and a clear direction forward.