Nobody expects to be sued. Just ask the 20 million people involved in lawsuits last year. Divorce, inheritance, health issues, creditors, employees, theft, changing markets, malpractice suits, sexual harassment claims, natural disasters and disgruntled business partners are just a few issues that can result in devastating lawsuits for unprepared business owners. The highest level of risk falls on those who think they are immune.
Americans are now more concerned than ever about protecting their assets from creditor claims, taxes and disasters. Will you be signing loan documents, a personal guaranty or a lease? Do you have rental properties or employees? Are you an attorney or physician? Do you work in construction or perform professional services? Do you have children from a prior marriage? Smart asset-ownership structures can protect you and your business against subsequent creditor enforcement actions. Hiring the legal team at Bridge Law LLP to design your asset protection plan could be the difference between reaching your financial goals and losing everything!
Complete Asset Protection Planning
For adults at any stage of life, from young families to professionals to seniors nearing their retirement, estate planning is a critical step in preparing for the future. It provides the legal means for establishing your wishes for the future, protecting your assets and investments, mitigating tax liabilities, and planning for contingencies that could arise.
We assist our clients in determining the appropriate level of asset protection planning for their particular circumstances. We will consider insurance, prenuptial agreements, asset segregation, choice of jurisdiction, gifting, LLCs, partnerships, corporations, and asset protection trusts. Customized combinations are layered depending on the needs of the client and as appropriate.
There are many different strategies to accomplish the protection of your assets while you are alive and after you are gone:
- Umbrella Insurance Policies
- Business Entity Formation
- Domestic & Offshore Trusts
- Equity stripping
- Bypass & Credit Shelter Trusts
- Irrevocable Trusts
- Dynasty Trusts
- Limited Liability Companies (LLC)
- Marital Trusts (QTIP)
- Irrevocable Life Insurance Trust (ILIT)
- Hybrid Domestic Asset Protection Trust (DAPT)
- Intentionally Defective Grantor Trusts (IDGT)
- Spousal Lifetime Asset Protection Trust (SLAT and SLANT)
- Qualified Personal Residence Trust (QPRT)
Taking a proactive approach before the need arises is the best way to protect what is yours from creditors, divided business partners, or divorcing spouses. At the heart of any asset protection plan is a qualified and legal consultation by a skilled attorney to determine your financial standing, total assets, and risks in addition to your overall family or personal ambitions.
Accomplished Estate Planning and Trust Attorneys
Our asset protection attorneys have the experience navigating through the intricacies of complex high-value assets and we are ready to be the trusted advisors for you and your family. Drafting documents is only one small part of the services we offer; the real strength of our service is the advice and counsel we bring to the table to make sure your individualized needs are met.
To find out which strategies may be right for you, book a Family Wealth Planning Session below.