More and more people are using the legal system to deprive others of their life's work. Over 19 million new lawsuits are filed in the United States every year, many of which are frivolous or settled for sums greater than the actual liability. Business owners, professionals such as doctors, dentists, lawyers and accountants, and property owners should be aware of the risk associated with conducting their business, practicing in their respective fields, and taking responsibility for others. Without a massive overhaul of our legal system, the risk and potential liability is not going to decline. In fact, it has steadily increased over the last few decades.
Assets can be at risk due to several vulnerabilities, including:
Asset Protection is not about giving in to fear. It is about empowering yourself in the face of it. At Tacoma Elder Care and Smith Alling PS, we work with clients to implement proven, legally-sound strategies that will help preserve their wealth and safeguard their assets. We represent professionals, small business owners, property owners, and other clients with the goal of protecting their assets against potential litigation, judgments, liens, and fraud.
Insurance alone does not always adequately protect against all these threats. We help clients protect their wealth using a variety of strategies including the use of special trusts, business entities and other legal arrangements.
Shielding Assets from Creditors
We have the expertise in assisting clients to arrange their finances, real property and other assets in a manner that minimizes their exposure to potential creditors. We are well versed in establishing trusts, determining insurance needs, creating estate plans and organizing investments and business entities so that our clients can enjoy the highest level of confidence in terms of the security of their accumulated assets.
A creditor who initiates litigation against a person who has placed his or her assets into a trust, a foundation, or other entity may find that there are very few collectible assets owned by the person they wish to sue. Assets owned by a properly structured trust, foundation, or other entity are generally not subject to claims against their beneficiaries. In addition, placing assets into an asset protection entity may have the additional benefit of removing those assets from a person’s taxable estate.
We know how to evaluate current client holdings and work with our clients to identify the best ways to legally protect those holdings from a variety of creditors, whether through civil suits involving negligence or malpractice.
We have a solid working knowledge of:
Assets can be at risk due to several vulnerabilities, including:
- Professional malpractice liability
- Personal liability of corporate officers and directors
- Lawsuits by former business partners
- Personal injury suffered on your premises
- Personal injury resulting from a motor vehicle accident
- Liability as guarantor for the debts of another
- Liability arising from misconduct
Asset Protection is not about giving in to fear. It is about empowering yourself in the face of it. At Tacoma Elder Care and Smith Alling PS, we work with clients to implement proven, legally-sound strategies that will help preserve their wealth and safeguard their assets. We represent professionals, small business owners, property owners, and other clients with the goal of protecting their assets against potential litigation, judgments, liens, and fraud.
Insurance alone does not always adequately protect against all these threats. We help clients protect their wealth using a variety of strategies including the use of special trusts, business entities and other legal arrangements.
Shielding Assets from Creditors
We have the expertise in assisting clients to arrange their finances, real property and other assets in a manner that minimizes their exposure to potential creditors. We are well versed in establishing trusts, determining insurance needs, creating estate plans and organizing investments and business entities so that our clients can enjoy the highest level of confidence in terms of the security of their accumulated assets.
A creditor who initiates litigation against a person who has placed his or her assets into a trust, a foundation, or other entity may find that there are very few collectible assets owned by the person they wish to sue. Assets owned by a properly structured trust, foundation, or other entity are generally not subject to claims against their beneficiaries. In addition, placing assets into an asset protection entity may have the additional benefit of removing those assets from a person’s taxable estate.
We know how to evaluate current client holdings and work with our clients to identify the best ways to legally protect those holdings from a variety of creditors, whether through civil suits involving negligence or malpractice.
We have a solid working knowledge of:
- Domestic and offshore trusts
- Domestic and offshore and domestic business entity formation
- Exempt asset protections under state law
- Negotiation and preparation of pre and post-marital agreements