He who builds a better mousetrap these days runs into material shortages, patent-infringement suits, work stoppages, collusive bidding, discount discrimination – and taxes. - H. E. Martz
Exactly what is “Asset Protection”?
And from whom or what are the assets being protected?
Let’s name just a few:
- IRS (the perennial favorite)
- Trial lawyers (a close second)
- Ex-spouses (if you have ever been there – you understand)
The reference to trial lawyers is not a slam against them. (Although a slam against certain trial lawyers is often justified.) We have decades of experience being trial lawyers. Actually this experience makes it easier to practice (and write about) asset protection. Over the years we have learned what will likely fly in front of judges and juries – and, more importantly – what won’t fly.
Timing is everything with asset protection. Whether it is protecting against the IRS, a plaintiff, or a disenchanted spouse, protections should be in place before the problems arise.
That is why asset protection attorneys make detailed inquiries as to expected or possible claims against you while determining the best avenues for your protection.
It is imperative to be completely open and honest with your attorney on this issue (and with all other issues) because typically different plan components would be appropriate depending upon any outstanding or expected claims.
Over the next few months, we'll be taking you through the various principles and concepts of estate planning and asset protection to give you the information you need to make sound decisions when it comes to your future