Should your Asset Protection Plan have multiple firewalls?
Each Asset Protection Plan is individualized and customized to a client’s
specific needs. Your Asset Protection Plan may need only one firewall
to well-shield an asset or it may require several. No matter how strong
a particular firewall may be, there's some possibility that it can
fail. We generally recommend that you 'layer' or use multiple
firewalls. If one firewall fails; another stands. The challenge is to know
which firewalls to use in a particular case, and
when to add more firewalls. We want at least two firewalls to build a more solid plan.
You want to start with a cost-effective, simple plan, and then add firewalls
as needed. Asset protection plans often evolve in stages. Having multiple
or combined firewalls exponentially strengthens your plan. We have any
number of specific protective firewalls, but we most commonly use these
eight 'firewalls:' 1) federal and state exemptions, 2) co-ownerships,
3) corporations, 4) limited partnerships, 5) limited liability companies,
6) domestic trusts, 7) international entities, and 8) debt-shields (equity
stripping). For example, we frequently combine or layer limited partnerships
with international trusts, foreign LLCs and foreign self-protected investments
to create one integrated, formidable four-layer firewall barrier. Each
specific firewall has its own unique characteristics, strengths and weaknesses,
advantages and disadvantages, applications and instances where they would
or wouldn't be useful. Your perfect plan depends on your individual
To find out how to best protect your assets, contact The Presser Law Firm,
P.A. for a complimentary preliminary consultation.
The Presser Law Firm, P.A.
6199 N. Federal Highway, Boca Raton FL 33487
(561) 953-1050 or e-mail Info@AssetProtectionAttorneys.com