Planning Today to Protect What You Have Built
For many clients, estate planning is about more than deciding where property will go at death. It is also about protecting assets during life and preserving family wealth for future generations.
Business owners, professionals, real estate investors, and families with significant assets may face a variety of potential risks. Thoughtful asset protection planning can help reduce unnecessary exposure while allowing clients to retain appropriate access to and control over their property.
At Cook Tillman Law Group, we evaluate asset protection as part of a client’s complete estate and business planning picture. There is no single asset protection strategy that is appropriate for everyone. The right approach depends on the assets involved, how they are owned, the client’s occupation and business interests, family circumstances, and long-term goals.
Asset Protection Strategies
Depending upon a client’s circumstances, an asset protection plan may involve a combination of estate planning, business planning, and proper ownership of assets.
Planning strategies may include:
Asset protection trusts
Limited liability companies and other business entities
Family limited liability companies and family partnerships
Trust planning for children and future generations
Appropriate ownership and titling of assets
Business succession planning
Separation of business and personal assets
Planning for inherited wealth
Coordination with available insurance protection
Asset protection planning can also be particularly important when leaving assets to beneficiaries. An outright inheritance may become exposed to a beneficiary’s future creditors, divorce, financial problems, or poor decision-making. Properly designed trusts can often provide beneficiaries with substantial access to inherited wealth while offering greater protection than an outright distribution.
Effective Asset Protection Requires Advance Planning
Asset protection is most effective when implemented before a creditor problem, lawsuit, or other claim arises. Waiting until a specific liability already exists can severely limit the available planning options.
Our attorneys help clients identify potential risks, review their existing ownership structure, and implement appropriate strategies before problems occur. We also coordinate asset protection planning with wills, trusts, business entities, and succession plans so that one planning objective does not inadvertently undermine another.
Contact Cook Tillman Law Group to discuss how asset protection planning may fit within your estate or business plan.
YOUR PRIVACY IS IMPORTANT
At Cook Tillman Law Group, we understand your desire for privacy. Many of our clients are business owners, wealthy individuals, entertainers, and high-profile public figures, and we do all we can to protect your privacy as well as your interests.
You can rest assured that we will keep your personal affairs in strict confidence. We commonly create trusts and other planning vehicles that are designed to keep your name and your holdings private.