A successful asset protection strategy will increase privacy, discourage claimants and protect personal assets from seizure after a claim is made or a lawsuit is filed. Asset protection is accomplished through legal means and procedures in accordance with U.S. law and, if offshore, applicable foreign laws and regulations. Many of our estate planning clients also implement one or more asset protection strategies as part of a comprehensive estate plan. Depending on our client’s specific circumstances, Shein Phanse Adkins P.C. ’s attorneys employ a variety of strategies that offer increasing levels of financial privacy and protection. Asset protection strategies are not, however, put in place to improperly hide property from the government or legitimate creditors, or to improperly avoid taxation. Asset protection is most effective when utilized as a proactive tool – before the problem arises or the creditor makes a claim. When properly structured, legal asset protection strategies make it difficult, or even impossible, for creditors (including government agencies) to take your assets away.If:
- You may be faced with a lawsuit or legal claim,
- You are in a high risk business,
- You have been in an accident,
- You are (or may be) getting divorced,
- You are being pursued or investigated by a federal or state agency, or
- You owe money to a lender or other third-party
asset protection strategies may be worth careful consideration.
In the final analysis, lenders, unhappy business partners, state and federal agencies – all can threaten your assets. Asset protection planning can reduce, or even eliminate, those threats long before they appear. The peace of mind that asset protection brings is priceless and Shein Phanse Adkins P.C. ’s attorneys stand ready to assist.