Advance planning is crucial to protect your assets.
Asset protection techniques allow individuals and business entities to limit creditors’ access to certain valuable assets. A comprehensive asset protection plan employs legal strategies aimed at preventing or reducing the risk of creditor claims by protecting your assets. During the planning process, a complete analysis of your assets, current structures and entities, risks, and insurance coverage is performed. It is often overlooked, but ideally your asset protection plan and estate plan work together to provide the ultimate protection for you and your loved ones.
Each asset protection plan is unique in terms of what separate legal structures or arrangements are used such as corporations, partnerships, or trusts. Your plan’s components will depend on the types of assets you own and the kinds of potential creditors you are at risk for based on your lifestyle, assets, and investing strategies.
Some types of assets, by their nature, are considered higher risk such as rental real estate, business equipment and vehicles, and commercial property. You never want to commingle various types of assets and provide more exposure than necessary. It is critical that these asset protection plans be put into place before a lawsuit or claim arises. At Loveland & Hurley, PLLC, we help you understand and identify assets at risk and help you guard against future problems.
- Formation of Family Limited Partnerships
- Formation of Limited Liability Companies
- Irrevocable Trusts
- Qualified Personal Residence Trusts
- Strategic Business Planning
- Analysis of Offshore Trusts and Offshore Planning Opportunities
Keep your property and money secure. Protect your most valuable assets from potential creditors with asset protection strategies and techniques offered by the attorneys of Loveland & Hurley, PLLC.