Competent asset protection planning is one of the most underserved areas of estate and financial planning. Unfortunately, many people have a negative view of this term without fully understanding the concepts behind it. While many firms offer generic solutions intended to fit the needs of everybody, this field is one of the most complicated and involved areas of law. A client needs special individualized attention in order to have their specific needs met. Asset protection is expected to allow people or businesses to protect any owned property from an unexpected lawsuit or claim, while reducing liability exposure to all claims as much as possible.
Many of our clients who retain The Burton Law Firm as counsel to assist in the protection of assets do so because they are involved in life experiences that carry with them the risk of lawsuits. Some are in a legally risky profession, engage in risky endeavors, own or invest in businesses often subject to lawsuits, have fiduciary positions which open them to lawsuits, or have life situations with risks of financial exposure.
The actual process is varied and needs to be specifically customized to the individual situation and assets. Simpler solutions are often used to minimize exposure when there is less concern regarding a suit, but more complicated solutions are generally multifaceted and involve a number of strategies. At The Burton Law Firm, we are quick and responsive to these issues, enjoy a high level of knowledge in techniques and tax implications, and maintain relationships with trust companies, fiduciaries and attorneys throughout the U.S. and internationally.
Some of the planning strategies The Burton Law Firm will employ to safeguard your assets include:
- Limited Liability Companies
- Self-Settled Domestic Trusts
- Self-Settled Out-of-State Trusts
- Foreign Asset Protection Trusts Loan Agreements
- Buy/Sell and Shareholder Agreements
- Poison Pill Agreements
- Transmutation Agreements
- Qualified Personal Residence Trusts
- Interfamily Gifting Strategies
There are many risks associated with operating your business, and some of these risks can leave you personally liable. Your personal assets need to be protected in the event of legal action against your business or fiduciary relationship. We want to assist you in the protection of your assets. Contact David Kelly, our head attorney for estate planning, to schedule a time to discuss strategies to ensure your assets are safeguarded.