The unfortunate reality is that without proper asset protection planning, your hard earned assets are at risk. In this day and age, with so many people using and often abusing the legal system to deprive others of their life savings, it’s essential to protect your wealth. Millions of new lawsuits are filed every year, many of which are frivolous or settled for amounts greater than the true liability.
Even a single claim can end up depleting everything you have worked so hard to save over the years. Most people do not expect that they will be sued and it is often too late to properly plan once the lawsuit has been filed. That is why it is important to proactively prepare for the real possibility today, especially if you operate a business, own real property or have any personal or business assets. We too often receive phone calls from frantic individuals who are looking for ways to protect their assets after an accident or an event exposing them to personal liability has taken place.
A number of different risk factors exist, at least one of which everyone faces on a daily basis:
- Injuries resulting from an auto-accident
- Injuries suffered on a your property
- Liability arising from Professional misconduct
- Personal liability of officers and directors of business entities
- Lawsuits by former business partners
- Liability as guarantor or cosigner for another’s debts
Another misconception that most people have is that insurance will adequately protect against all of these threats. Although it is a potentially integral piece to a proper asset protection plan, insurance alone is not usually enough to protect your assets, especially where a severe injury or wrong has taken place that exposes you to serious liability. It’s often too expensive to maintain an insurance policy, which will adequately protect you. That is why we assist our clients by protecting their hard earned assets through a variety of strategies including the formation of business entities, special trusts and other legal arrangements.
Someone who files a lawsuit against a person whose assets are in a trust, a foundation, or other entity may have a very difficult time collecting from the person they are suing. In addition, placing assets in such an entity may include the benefit of reducing the person’s taxable estate.
We will evaluate your holdings and work with you to develop the best way to legally protect your holdings from potential creditors. This may include 1) the evaluation of different types of business and personal insurance necessary for protection; 2) the use of carefully structured trusts including irrevocable trusts, asset protection trusts, marital trusts, offshore trusts, life insurance trusts, dynasty trusts and special needs trusts; 3) Negotiation of pre and post-marital agreements; 4) taking advantage of exempt asset protections under state law; and 5) the formation of business entities such as limited liability companies, family limited partnerships, corporations and other limited liability business entities.
Although the exact strategies employed by our firm will vary depending on the client and the nature of the assets, including the tax regulations that apply to those assets, our ultimate goal is the same: to protect your current assets in an effective and legal manner.
Contact us now, before it’s too late, in order to ensure that your hard earned wealth is protected.
Contact us today at: 818-864-6174 or Email us at: firstname.lastname@example.org and schedule an initial consultation with TheLaw Offices of Vanessa M. Terzian.
La Canada Flintridge, CA 91011 – Glendale, CA 91206 – Encino, CA 91406 – Pasadena, CA.