A day in the life of an Asset Protection Lawyer

When I tell people I’m an Asset Protection Lawyer they usually ask me “what does an Asset Protection Lawyer actually do?” So let me give you a brief rundown.

An Asset Protection Lawyer, specializes in helping individuals and businesses protect their assets from potential risks, creditors, and lawsuits.

 As an Asset Protection LawyerI use various legal strategies to minimize the impact of potential financial threats and protect my clients' wealth. Here are some common services and strategies that I can offer:

1. Structuring Business Entities

  I can advise on the creation and structuring of  various legal entities such as limited liability companies (LLCs), corporations, or trusts to help shield business assets from personal liabilities and vice versa

2. Trusts

 I help clients with establishing different kinds of trusts, such as irrevocable trusts, spendthrift trusts, and international trusts. A trust creates a legal separation between the individual and their assets, providing a level of protection against creditors

3.  Limited Liability Partnerships (LLPs):

 These structures allow individuals to maintain control over their assets while providing a level of protection. They are often used in professional  association types  of businesses such as lawyers and accountants.

4. Insurance Planning:

   I work with clients to review and optimize their insurance coverage, ensuring that they have adequate protection against various risks.

5. International Asset Protection:

   For individuals with significant assets, (say over $1 million), I  help clients set up structures in jurisdictions with debtor /defendant friendly asset  protection laws.

6. Creditor Exemptions:

   I advise clients on understanding and utilizing legal exemptions that   protect certain assets from creditors in specific circumstances.

     7. Legal Compliance:

 I ensure that all asset protection strategies are in compliance with relevant laws and regulations. It is important to note that while asset protection is a legitimate legal goal, there are limits to what can be done to shield assets from legitimate creditors. Engaging in fraudulent conveyances with the intent to defraud creditors is illegal and can have severe financial consequences.

 If you are considering asset protection, it's advisable to consult with a qualified Asset Protection Lawyer.