ASSET PROTECTION

Record-breaking jury judgments, skyrocketing punitive damages and high-profile bankruptcies have underscored the need to plan for the worst before hoping for the best. In our society, asset protection planning has become a necessity for professionals and business owners.

 

GLG routinely develops integrated estate, tax, and asset protection plans that anticipate the natural stages of life as well as unforeseen events that might threaten the security of wealth. We develop structures for ownership and disposition of assets that minimize liability to potential creditors including claims related to: breach of contract, professional malpractice, failed businesses, catastrophic medical bills, environmental liabilities, sexual harassment suits, and divorce.

 

We are very familiar with individual state asset protection statutes as well as the full range of asset protection planning vehicles. Some of the asset protection strategies we commonly use are:

 

 

    Family Limited Partnerships and Limited Liability Companies

    Domestic Asset Protection Trusts

    Foreign Asset Protection Trusts

    Advanced Life Insurance and Annuity-Based Planning Strategies

    Statutory Exemption Planning

    Gifts to Family Members and Charities

    Transfers to Spouse

    Co-Ownership with Spouse

 

Domestic Asset Protection Trusts

 

Recent changes in Nevada and Delaware law have largely eliminated the need to move money offshore to enjoy effective asset protection. Asset protection trusts and other entities can provide access to the assets you have worked so hard to earn while holding them beyond the reach of most creditors.  Domestic structures can provide significant protection without the added costs and complexities associated with mandatory reporting of offshore assets.

 

 

Offshore Asset Protection Trusts

 

Offshore vehicles are the traditional choice for asset protection and can offer the greatest degree of security. Many offshore money centers offer the benefits of strict banking secrecy laws designed to protect depositors and generally do not recognize US judgments. Far from prying eyes, your assets remain secure and available to you when you need them.

 

 

Advance Planning Required

 

Most state statutes require clients to be proactive. Asset protection plans are generally not effective when there is an outstanding judgment or expected claim. We help clients think through potential liabilities and assist in creating plans which protect assets if or when a possibility should become a reality.