Asset Protection Planning:
How do I protect everything I own?

Asset protection planning has become especially important in today’s litigious world and involves legal strategies to protect your hard-earned assets from creditors, predators, lawsuits and bankruptcies.  This type of planning is especially important for professionals, such as doctors and lawyers, as well as entrepreneurs and business owners, as their personal assets may be at risk due to the nature of their work.

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A few strategies to implement are as follows depending on your situation:

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• Limited Liability Entities – Limited liability entities, such as limited liability companies and corporations, give business owners and individuals the ability to separate business assets and personal assets.
   

• Qualified Spousal Trusts – These trusts can provide the flexibility and probate avoidance features of a traditional Revocable Living Trust yet maintain the asset protection features of property titled jointly with a husband and wife.
   

• Asset Protection Trusts – These advanced tools can provide protection from unforeseen creditor and divorce risks for an individual’s hard-earned assets and provide creditor and divorce protection for future generations.  These trusts can accomplish these goals while still providing the same probate protection as traditional living trust planning.  There are many different types of these trusts each of which provides different control features based on an individual’s goals.
   

The risk of losing your assets can be minimized through proper asset protection planning. Strategies are different for everyone, and our law firm can provide a customized solution to fit your situation.

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Contact us via email at info@quinnestatelaw.com or by phone at 636-394-7242 for immediate assistance and to schedule your free one (1) hour consultation today to see how we can help with your family’s goals.