Over 40 million lawsuits are filed every year in the United States including frivolous lawsuits or lawsuits that are settled for sums greater than the actual liability. Business owners, property owners and professionals such as doctors, lawyers and accountants should especially be aware of the risks associated with conducting their business.
Asset Protection is the adoption of advance planning techniques, which are intended to place assets beyond the reach of a person’s potential future creditors. Depending on the state, some assets are exempt from attachment by creditors such as a primary residence (homestead), retirement accounts, annuities, life insurance and head of household wages. The use of limited liability entities such as limited liability companies and limited partnerships provide asset protection for businesses.
There are various trusts that may also provide excellent asset protection. A dynasty trust is an irrevocable trust which holds assets for the benefit of third parties. A domestic asset protection trust is an irrevocable self-settled trust, which is only recognized in a few states. A foreign asset protection trust is also a self-settled trust but created under the laws of a non-domestic jurisdiction. Our firm can assist in designing an asset protection plan that best fits your specific needs and safekeeps your assets. Contact one of our experienced estate planning & probate attorneys today.
Contact Our Boca Raton & West Palm Beach Attorneys Today
We strive to provide you with a customized plan to fit your individual needs. Please contact our Boca Raton, Ft Lauderdale & West Palm Beach attorneys to discuss your estate planning goals. We offer a free 45 minute consultation for new clients.