What Is Asset Protection Planning?
Asset protection planning must be done prior to liability arising, to avoid the potential of assets transferred being deemed a “fraudulent transfer” by potential creditors. Asset protection planning is designed to be a deterrent to litigation, by reducing the economic viability of a creditor successfully attaching an asset. Asset protection is not foolproof, and should almost always be coupled with proper insurance to safeguard against potential liability.
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Asset protection planning often looks at how assets are held by an individual or entity and may utilize some or all of the following techniques:
- LLC’s/Corporations, Family Limited Liability Companies/Family Limited Partnerships
- Specialized Revocable Trusts with Spendthrift, Discretionary, or Physician-Spouse Trust Provisions
- Marital Division of Assets Where One Spouse Carries Less Liability Risk
- Domestic Asset Protection Trusts
- Irrevocable Trusts
- Spousal Lifetime Asset Trusts
- Offshore Trusts