Asset Protection Planning
Nobody expects to be sued – just ask the 20 million people involved in lawsuits last year. The more success you have (especially in business), the more at risk you are as others see your success grow. This is where we come in. We help set up your life structures to ensure that you can take maximum risk with minimum worry.
Divorce, inheritance, health issues, and creditors are just a few issues that can result in devastating lawsuits for unprepared families and business owners.
The highest level of risk falls on those who think they are immune.
Americans are more concerned now than ever about protecting their assets from creditor claims, taxes, and divorce – and rightly so.
The more success you have, the more exposed you are as others see your success grow.
Here is some of the “risky behavior” you may be engaging in right now without even realizing it:
- Are you an attorney, physician, or other licensed professional?
- Are you divorced, or getting married into a blended family?
- Do you have children from a prior marriage or separate property assets?
Here is the thing: all of these activities are activities we want to see you do more of. They are, in many ways, the spice of life. But we do not want your creativity and activities to impact your life negatively.
We assist our clients in determining the appropriate level of asset protection planning for their particular circumstances.
What We Do
We help you to create a personalized plan that includes as much asset protection as possible. We have thoughtfully packaged what we do into customizable options for you and your family, and all of our fees are flat-rate and agreed to in advance so there are no surprises.
Lifetime Asset Protection Trusts For Your Beneficiaries
Family Protection Trusts
Other Irrevocable Trusts Depending On Your Circumstances
About Ashley L. Thompson
Hello, I am your neighborhood Personal Family Lawyer.
What I know is that your legacy is about more than wills and trusts, and it is about more than money. As your trusted advisor, I help you make the very best legal decisions for your family with the kind of guidance usually reserved for only very high net worth individuals.
Our life and legacy planning model covers not just what happens with your assets, but sets you up to pass on what matters most to you: Your values. Your priorities. Your relationships. Your life. Your legacy. All at a price that is much less than if your family had to go to court or be involved in conflict after you are gone.
Schedule Your Free 15-Minute Consult
With our life and legacy planning model, we help you confidently make legal and financial decisions so you know you have a plan to keep everyone you love out of court and out of conflict after you pass. Schedule a complimentary consult to learn more.
Frequently Asked Questions About Asset Protection Planning
Only certain types of assets are appropriate for an appropriate asset protection trust. Once we identify what those are in your case, you can transfer those valuable assets into an asset protection trust to protect those assets from future and unknown creditors. This transfer will protect your assets while you are living and will also protect them from the IRS when you die. This said, there are some disadvantages associated with transfers of valuable property into asset protection trusts, which include your likely or known exposure to creditors’ claims, your personal loss of control over how a particular asset is managed once transferred, and potential gift tax consequences that result from the transfer. What assets should be transferred into asset protection trusts depends on your specific situation, including your state of residence, the state where your business has been organized, where your physical office and registered agent are located, where your assets are located, and more.
Even then, certain assets are considered “exempt” (forever protected) from creditors, and each state determines what it considers exempt assets. In some states, exempt assets include clothing, jewelry, tools, and household furnishings, while in other states additional assets such as life insurance and social security benefits are exempt.
In the world of asset protection planning, the best outcome for you, your family, and your loved ones will be achieved only by working with a lawyer who encounters asset protection planning situations daily. You have worked your whole life for what you have, and we encourage you not to leave it to an online form, internet software, or DIY template to care for your family in the way they deserve.
This is the most often asked question in asset protection planning, and that is okay – we know the topic of cost is a sensitive one when it comes to choosing a professional to guide you, and we have designed our fees on a flat-fee basis only so that you know exactly what you are committing to – and there are no surprises. While we cannot quote fees online or over the phone, we invite you to check out our upcoming educational events where we cover our unique meeting process and fee schedule so that you know exactly how to take the next steps at the best time for you and your family.
If you have a retirement plan, federal law does not allow creditors to reach that asset. This applies to profit sharing, pensions, and 401(k) plans. However, both traditional and Roth IRAs may not be protected depending on the situation. We work closely with you so that you know the exact situation in your case and can make the right decisions from an asset protection planning perspective.
Yes, when done right, asset protection planning works. Asset protection is based on the foundational principles that virtually any and every asset you own can be seized from you by a creditor, and any asset you do not own cannot be seized from you by a creditor. In a nutshell, asset protection aims to remove you from the reality where your ownership of an asset is basically the same as your control over an asset. With asset protection planning, we help you legitimately remove yourself from legal ownership over an asset, which allows you to continue enjoying the economic benefits of your assets while protecting those assets from creditors. This said, we do not prepare plans where the goal is to evade a known or likely creditor, as at that point, this type of planning is too late.
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