More lawsuits are filed in the United States than the rest of the world combined. While many of these suits seem absurd, the problem is that you never really know what a judge or jury will decide. In today’s litigious society, you need an asset protection plan, one designed and implemented by a law firm with experience in this area.
An effective plan must safeguard your assets while you are alive and well and protect the assets you leave to heirs after you pass away. Your plan must ensure that inherited assets will be safe if your children get divorced and remarry — a common phenomenon in our society that also impacts the inheritances of your grandchildren and future generations. You may also need to protect assets against your heirs’ inability to manage their inheritances on their own.
Asset Protection Strategies
Asset protection plans incorporate a variety of strategies, including the establishment of limited liability companies, irrevocable trusts, and moving assets out of state or out of the country. Transferring assets to states and countries that are “friendlier” than California with regard to personal, business and creditor lawsuits can be particularly effective.
Asset protection strategies, and their effective design and implementation, are extremely complex. This type of planning should only be handled by a law firm with extensive experience in this area. Inadequate planning, failure to understand the nuances of the laws governing other states or nations, and errors made in implementing the plan can result in devastating financial and/or legal consequences. It is important to note that the sooner you contact us to design your plan, the more options you will have.
Contact us today for a consultation.