Protecting your assets is important, but many people don’t know where to start. Our Arizona Asset Protection Attorney can help provide guidance and knowledge on the best strategies to help you and your family safeguard money, investments, property, and other valuable assets.
What is Asset Protection?
Asset protection is a strategy for individuals and businesses that seeks to protect assets from potential claims and judgments stemming from legal issues. This can include anything from lawsuits and creditor claims to taxation and probate. An asset protection plan allows you to keep your assets secure from legal adversaries while meeting your personal goals.
The Seven Pillars of Asset Protection
There are a lot of marketed “solutions” for protecting your net worth. But some of the “solutions” (like “Asset Protection Trusts” and “Bridge Trusts”) have proven over and over to fail when challenged in court.
So, how can you know if your asset protection attorney is providing a good solution for you? The answer is to find out if their proposal meets all Seven Pillars of Asset Protection. Here they are:
First Pillar: Creditors and Con Artists Cannot Take Your Assets Away from You Anywhere in the U.S., Even in Bankruptcy
Second Pillar: Creditors Cannot Limit How You Use and Enjoy Your Assets
Third Pillar: For Assets to be Protected, You Have to be Able to Change Your Mind if Circumstances Change
Fourth Pillar: Creditors Cannot Force You to Choose Between Freedom or Use of Your Assets
Fifth Pillar: Asset protection Is Coordinated with Your Other Goals
Sixth Pillar: Assets Must Also Be Protected from the Beneficiaries’ Mismanagement of Them
Seventh Pillar: Someone Must Provide Effective Management of Administrative Details
Why do you need asset protection?
“As long as I am allowed to redistribute wealth from out-of-state companies to injured in-state plaintiffs, I shall continue to do so. Not only is my sleep enhanced when I give someone else’s money away, but so is my job security, because in-state plaintiffs, their families and their friends will re-elect me.” – West Virginia Supreme Court Justice
When to Start Asset Protection.
It is important to start developing your asset protection strategy as soon as possible. Generally speaking, the best time to put an asset protection plan in place is before a crisis or lawsuit occurs. A proactive approach can help protect your assets and minimize potential damages. An Arizona Asset Protection Attorney can help you develop a comprehensive strategy and provide personalized solutions that are tailored to meet your needs.
Choosing the Right Legal Team for Your Liability Limitation Goals
When developing an asset protection strategy, it is essential to work with qualified legal professionals who are experienced in understanding the nuances of Arizona asset protection laws. It is also important for them to have a complete understanding of your specific risks, objectives and asset profile. The attorneys at our law firm have extensive experience in providing effective risk management strategies to protect your family’s estate planning goals. We will provide personalized advice on the best structures and resources available to help you achieve your liability limiting objectives.
Beware of Heavily Marketed Asset Protection Products That Don’t Work.
There are several heavily marketed products and strategies claiming to provide asset protection in Arizona. Beware of these as many of them prove ultimately unsuccessful when tested against Arizona state laws. You might be surprised about some of these. For example, “Asset Protection Trusts” will not protect your money and property located in Arizona. Likewise, a Bridge Trust or Foreign Asset Protection Trust will not be effective if tested in court.
Our experienced attorneys know that this type of risk management does not offer meaningful protection for you and your family. We will provide you with reliable advice on how to best protect your assets that is tailored to your specific goals and risks.
How Can I Control, But Not Own Assets?
One of the best asset protection tools in Arizona for controlling, but not owning assets is a Limited Liability Company (LLC). LLCs are a type of business structure that allow you to legally separate your assets under the corporation name. This will enable you to manage, control, and operate certain assets without being held personally liable for any financial losses or liabilities. Also, we can structure it so that you do not own the asset, but still control it.
What Do We Do?
Our lawyers and staff help people plan for some of the most difficult times in their lives; then we guide them when those times come. We would love to help you as well. Just give us a call at 602-443-4888.
