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Do You Need Asset Protection?

By December 26, 2017 July 30th, 2019 No Comments
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We live in a litigious society. Every day high net worth families face a wide variety of litigation risk. Litigation, even when you prevail, can be ruinously expensive. Of course, the lawyers never guarantee victory no matter how strong the case. The good news is, with timely and proper planning, individuals and companies can protect their assets from predatory creditors.

Asset protection legally positions assets away from hard and out of reach of potential creditors. For some, domestic structures are enough.  For others, an offshore trust may be the right tool. To some, ‘offshore’ may carry cause concern, but a key element of any well-designed asset protection strategy is safety and security.

While net worth is certainly a good reason to plan for asset protection, there are several additional considerations such as employment in a risk laden profession. If you are about to get married, have disabled family members, or value financial privacy, you should seriously consider an asset protection evaluation and plan.

As with many things in life, timing is everything. Asset protection is quite similar to insurance; you cannot buy insurance while the barn’s on fire. Similarly, it may be impossible to protect assets after you know (or even think you know) about financial trouble ahead. Delay in implementing a plan may be very costly.

If you are unsure if asset protection is right for you, Aiken Schenk can help. Attorney Philip Rupprecht has tailor made asset protection plans for developers, investors, lawyers, medical professionals, business owners, athletes and many others.

Learn more about Aiken Schenk’s asset protection services here.

Our blog posts contain general information about legal issues and developments in the law. Our posts, however insightful, do not constitute legal advice. Yes, we’re pretty awesome attorneys, but we’re not your attorneys (yet) and just reading our blog posts does not create an attorney-client relationship. You should consult with an attorney licensed in your jurisdiction (not our clever blogs) for advice on specific legal issues.