America is the most litigious society in the world – in fact, we have over 15 million lawsuits each year, costing our nation over $250 billion annually for the civil lawsuits alone. Asset Protection is becoming an increasingly important issue because of this.
All of us have exposure to potential lawsuits. You may have exposure due to the assets you own (i.e., a plane, boat or rental property); you may have exposure due to your employment or ownership of your business; or you may have exposure from everyday acts. There are countless risks, but there are ways to manage them. Along with having insurance policies in place, a Limited Liability Company (LLC), Family Limited Partnership (FLP or FLLLP) or other asset protection tools can guard what you own from lawsuits. The key is to have these in place before you are in litigation. Once litigation has started, or there is a high likelihood litigation will start, there is nothing that can be done to protect the assets. Conveying your assets to one of these entities after you are sued is a fraudulent transfer and will not be held up in the courts.
There are many ways to provide layers of protection for your hard earned assets – from simple to complex planning, we can help guide you through the options available. An estate planning attorney at Morris Hall (MH) can help protect your assets from the many risks in today’s world. We will meet with you at no cost to see how best to protect your assets. Call 602.249.1328 to schedule a free consultation.
Contributed by MH Prescott, Flagstaff and Arrowhead Estate Planning Attorney David T. Eastman
What the Attorneys of Morris Hall Can Do For You:
The attorneys at Morris Hall have 100’s of years of combined experience ensuring that families’ assets are protected from probate, unnecessary taxes, creditors, ex-spouses and Medicaid spend-down. The attorneys also help those in Arizona to apply for and receive Medicaid assistance and Veterans Benefits. Our Arizona offices are located in Phoenix, Mesa, Scottsdale, Cave Creek, Tucson, Prescott, Flagstaff and Arrowhead. Contact us today at 888.222.1328 to schedule an appointment!
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.
- What the Proposed Treasury Regulations Mean for Deductions Under Internal Revenue Code Section 2053 - September 16, 2022
- Does Your Estate Have Sufficient Liquidity? - September 14, 2022
- Understanding Asset Protection Trusts - September 12, 2022
Leave a Reply