Typically, asset protection involves the transfer of assets from an unprotected form of ownership, such as direct individual ownership, to a protected one. Limited liability companies (LLC’s), limited partnerships, corporations (“C” and “S”), charitable remainder trusts, irrevocable life insurance trusts, domestic asset protection trusts and/or offshore asset protection trusts are all good examples of the latter.
Two factors help ensure the ultimate success of asset protection. First, asset protection must be preemptive. If there is a lawsuit already in the works, it is usually too late to reorganize. State laws frown upon individuals who transfer their assets out of their names with the intent to hinder, delay, or defraud creditors.
And second, asset protection must be part of a comprehensive wealth preservation strategy, one that integrates estate and financial planning with long-term strategic goals. McDowall Cotter’s wealth preservation and estate planning attorneys will help you organize your assets in ways that anticipate risk and guard against exposure.
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