Asset Protection Strategies Related to Business or Estate Planning
At the Salt Lake City law firm of Alder & Robb, P.C., our lawyers advise businesses and families about asset protection, most often in connection with the preparation or revision of a comprehensive estate plan. Contact us for a free consultation about the benefits of asset protection planning related to broader family, business or estate planning objectives.
In essence, asset protection refers to a broad range of strategies intended to prevent future creditors or litigation adversaries from asserting or realizing an interest in your current or future assets or income. The key to effective asset protection is to establish qualified trusts, business organizations, offshore planning, family limited partnerships or other entities at times and in ways that will stand up to challenge later.
The attorneys at Alder & Robb are experienced in constructing proper asset protection plans using vehicles such as:
- Family limited partnerships
- Limited Liability Companies
- Foreign Limited Liability Companies
- Asset Protection Trusts
- Offshore/ Foreign Asset Protection Trusts
MANAGING LIABILITY RISK IN UTAH: CALL 801-463-2600
It's essential to select and mobilize the asset protection strategies that are right for your situation at a time when you are not under any immediate or unusual financial pressures. Asset transfers made during a period of insolvency or to frustrate the legitimate claims of a creditor will almost certainly be set aside by a court, and the assets can be recovered from the third-party transferee, whether or not it's under your effective control.
At the same time, sound asset protection planning means that a future unforeseen liability does not need to destroy your business or leave you and your family impoverished. Open-ended uninsured liability can leave you vulnerable in any of a number of situations:
- Divorce litigation
- Personal injury liability
- Government recovery of Medicaid payments or other public benefits
- Professional liability uncovered by malpractice or errors and omissions insurance
- Personal liability under a guaranty of business debt
- Tax debt, including responsible person liability for unpaid business taxes
Asset protection planning is a way to find legitimate shelter for selected property acquired during prosperous times that could suddenly be placed at risk during a business downturn or a legal emergency of any kind.
Find out more about the ways that you and your family can benefit from sound planning and proper attention to detail when guarding against future liability. Contact a Salt Lake City asset protection attorney at Alder & Robb in Salt Lake City for a free consultation.