Many people think that only those who have significant wealth need the help of an asset protection attorney. Young entrepreneurs seeking protection for their assets against the risk of their next business venture, retirees requiring asset protection, wealthy business people seeking ways to shield their assets from lawsuits, and professionals with a high degree of liability can use the advice of a lawyer. Asset protection attorneys have knowledge and experience in establishing limited partnerships, Limited Liability Companies, and trusts. They can help organize investments in a way to provide maximum protection.
You can legally protect your assets from lawsuits, collection agencies, and the IRS. The Revised Uniform Limited Partnership Act (RULPA) states that the assets owned by a limited partnership firm are not owned by the individual partners. Creditors of an individual partner cannot claim those partnership assets. Limited partnership logic can be applied to a family business in which the partners are family members Family assets can be placed into a limited partnership to protect them from creditors because of the RULPA
Asset protection attorneys can recommend appropriate asset protection methods for doctors and other professionals. Health care professionals are at risk for medical malpractice lawsuits, Medicare and Medicaid audits and lawsuits, and medical insurers’ lawsuits, all of which are potentially serious threats to their practice and personal assets. Asset protection attorneys determine the best strategy to discourage the lawsuits. Offshore asset protection can provide maximum protection against all types of claims.
To set up an offshore asset protection trust an asset protection attorney can provide advice on the laws of the offshore country. Lawyers can provide advice on new laws to maximize asset protection.
Many people make money, but only a few know how to protect it. Asset protection attorneys are aware of the best strategies for shielding assets so you can sleep peacefully every night. Advanced planning is the key to success in asset protection. Asset protection works like insurance; buy it before you need it.
Establishing an irrevocable trust that consists of a special power of appointment is a safer, more reliable, and more confidential way to protect your assets. The properties that are subject to special power of appointment are exempted from your creditor’s claims, judgment collection, divorce, Medicaid eligibility, bankruptcy, and estate tax. There are many types of irrevocable trusts, such as a credit shelter trust, charitable remainder trust, generation trust, and qualified personal residence trust. An attorney can help you understand and choose the best irrevocable trusts. There are many complex tax rules that are part of irrevocable trust formation. It is important to understand them before setting up a trust asset protection attorneys can provide critical advice.
Asset protection attorneys offer assistance in domestic equity stripping and offshore equity stripping. Although homestead exemption laws offer some protection to your residential property it is not advisable to rely entirely on these laws.