Why You Should Consider Pursuing Asset Protection
Asset protection involves careful planning to insulate your wealth from future claims and creditors. For high net worth individuals and others with a high risk of liability exposure, asset protection is an important facet of estate planning.
As with other aspects of estate planning, early action is critical for success. Once a claim arises, it may be too late to shield your assets without straying into fraudulent transfers. Strategic planning is therefore critical to your success.
When it comes to asset protection, it’s impossible to understate the importance of proactive planning.
Tools For Protecting Your Wealth
Many options are available for protecting your assets. For personal assets, various types of trusts can serve as vehicles for safeguarding your assets in a separate legal entity. However, to be fully effective, the trust must be carefully drafted within the right parameters.
For business assets, maintaining legal separation from your personal assets is key. Several types of business entities — limited liability companies (LLCs) and corporations, for example — afford protection, shielding business assets from personal liability. Like trusts, however, business entities must maintain the proper legal formalities to effectively safeguard assets.
Partner With An Experienced Legal Team
Sound legal counsel is essential for protecting your assets and planning for the future. At Berchem Moses PC, our attorneys can help you make your dreams and goals a reality through strategic legal steps. We will apply decades of experience to assess your exposure and identify the legal tools that best fit your situation. Then, we will leverage the strengths of your financial picture to protect the assets you have worked so hard to build.