Lawsuits are a rapidly growing business and for anyone who has worked hard
to accumulate any significant wealth in their life you may find yourself
at risk of being dragged into one. Whether a frivolous lawsuit or not,
the time cost and financial drain of legal fees, potential settlements,
or judgements to a creditor leave your financial future vulnerable. It
is both moral and ethical for you to take the proactive steps to protect
yourself and your assets from lawsuits. Below I will outline three basic
steps everyone should take to secure their wealth.
Take all assets besides your primary residence out of your own personal
name. We leave the primary residence because you receive tax write offs
and homestead safety up to a certain degree depending on your state of
residence. Any other asset in your own personal name whether liquid or
investment like real estate is vulnerable. The ultimate goal of a bullet
proof Asset Protection plan is to own nothing, but control everything.
Utilize LLCs and Limited Partnerships to hold your assets. LLCs work best
for investments such as real estate, personal toys like boats, trailers,
quads, golf carts basically anything that could create a potential liability.
Limited Partnerships work best for more liquid assets such as cash, investments,
receivables, shares in a corporation.
Create protective layers within your holdings so that none of the LLC’s
or Limited Partnerships are in your own name. An example of how you can
do this is by having a Domestic Asset Protection Trust “DAPT”
or Family Limited Partnership “FLP” own all of the companies
which hold your assets. The additional layers of separation will help
to ensure that should a potential creditor appear your separation of personal
wealth, and assets will not be legally vulnerable.
Creating a customized Asset Protection plan can be complicated as there
are many factors to consider beyond just the type of structure your utilize
and how many structures you create. Our firm has helped manage portfolios
for clients with over 1 billion dollars to the saavy investor with a portfolio
of 200k. Wherever you are in your financial affairs we offer complimentary
preliminary consultations meant to assess your current level of protection
and offer guidance on how to better protect what you’ve got. Our
specialty is protecting your money and we work hard to stay up to date
with the latest changes in tax laws, international asset protection jurisdictions,
corporate structures, case law, and state statues which determine your
safety so that you can focus on doing what you do best which is making
the money. Call us today to schedule your consultation.
The Presser Law Firm P.A.
6199 N. Federal Highway, Boca Raton FL 33487
(800) 999-9992 or e-mail firstname.lastname@example.org