What is Asset Protection?
Asset protection is a way to structure your assets to help safeguard them against potential lawsuits. Our first job is to create obstacles that will make you less attractive to predators (creditors, plaintiffs’ lawyers, etc.) Our second job is to erect barriers that make your assets harder to access should a suit be filed. While there is no such thing as a 100% guarantee, planning ahead of time significantly reduces your risk.
What types of asset protection are available?
While there is no one-size-fits-all plan, there are several levels of protection available. The most basic Asset Protection starts with estate and insurance planning. The next level includes marital exemption planning (a part of estate planning that shelters spouses from certain taxes) and business planning including LLCs that limit liability. Above that are more complex business structures like corporations, Domestic Asset Protection Trusts or anonymous LLCs. Finally, at the highest level are instruments such as Offshore Asset Protection Trusts.
Why asset protection?
In the United States anyone can file suit against anyone else for any reason. A strong case is not required. All it takes is a little paperwork and a small court fee to commence a court action. Predatory plaintiffs have made it their business to file frivolous claims in an effort to win quick settlements. Given that frivolous lawsuits often go unpunished, there is no downside for the plaintiff. Meanwhile, you could end up spending tens of thousands of dollars in legal fees to answer these claims. Asset protection planning can help.
Who should hire an asset protection attorney?
Asset Protection planning is for anyone potentially at risk of being sued. Doctors, CPAs, business owners, executives, and anyone else who wants to safeguard their assets can benefit from consulting with an Asset Protection attorney.
Don’t let a surprise lawsuit catch you unprepared. Contact Vladimir Tsirkin & Associates today to learn how we can help you protect your assets. Get peace of mind knowing that you have planned ahead.Schedule Appointment