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With extensive experience in the areas of asset protection and estate planning, our attorneys have an in-depth understanding of laws regarding distribution of wealth and inheritance. We sit down with you in the comfort of your own home or office through our encrypted, secure virtual conference to discuss your particular needs and objectives, to build a strategy that works with your long-term goals.
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The objective of asset protection is to protect assets from general creditors, other than creditors of the entity holding the asset. Generally, the ownership of an asset is placed into a legal entity, such as a corporation, limited liability company or trust. The owners of the entity will not be responsible for the liabilities of the entity and vice-versa (except in very limited cases of fraud or concealment). In asset protection transactions, the ownership may also be confidential. Prenuptial agreements are another form of asset protection which must be entered into prior to a new marriage.
The objective of estate planning is to create a legacy to benefit the second and third generation, and beyond. Estate planning tools include creating trusts, wills and other ownership vehicles. Estate planning may extend to education trusts and special interest trusts for pets and other targeted groups. Estate planning is also intended to avoid many of the delays of probate court proceedings and inheritance taxes. News accounts state that Prince died without a will, this is called Intestate and will result in costly legal fees and delays to the distribution of his estate. Unfortunately, the cost and uncertainty could have been avoided if Prince had created a will or trust. Contact us, your legacy planner!