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 business and life structures to ensure that you can take maximum risk with minimum worry.
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 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 pandemics, creditor claims, taxes, divorce, and other disasters – 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:
- Will you soon be signing loan documents, a personal guarantee, or a lease?
- Do you have rental properties or employees?
- Are you an attorney, physician, or other licensed professional?
- Do you work in construction or perform services for others?
- 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.
This is where we come in. We can set up your business and life structures to ensure that you can take maximum opportunity with minimum worry.
We assist our clients in determining the appropriate level of asset protection planning for their particular circumstances.
Read on for more...
What We Do
We help you to create a personalized plan that includes as much asset protection as possible, alongside your life and legacy plan that we also help you create and that is foundational to any supplemental planning that you might need. 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
Domestic Asset Protection Trusts
Qualified Domestic Trusts
Qualified Personal Residence Trusts
Foreign Asset Protection Trusts
Family Protection Trusts
Other Irrevocable Trusts Depending On Your Circumstances
About Nicole Palermo
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.
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 you 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, asset protection planning works when done right. 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. Instead with asset protection planning, we help you legitimately remove yourself from legal ownership over an asset where you maintain control of your assets, which allows you to continue enjoying the economic benefits of your assets while protecting those 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.
Avoid The Six Mistakes Most Families Make When Choosing An Estate Planning Attorney
Did you know that many families fly in the dark when it comes to securing their legacy for their loved ones? You can avoid these mistakes today by discovering exactly what to consider when hiring the best estate planning attorney for your family.