Asset Protection Help in Phoenix, AZ
Preserve Your Wealth, Safely & Legally
Many individuals and companies hide their money offshore from the IRS—but that’s at the risk of severe penalties, back taxes, and criminal prosecution. This method isn’t very realistic for most people, so how do you go about protecting your assets from lawsuits, creditors, and other grasping parties? How can you provide for your loved ones when you’re gone?
At Taylor & Lihn, PLLC, we can help you guard your wealth using various strategies, including trusts, business entities, and other legal arrangements. We effectively and intelligently combine estate planning, tax mitigation, long-term care planning, and other legal services to help our clients keep what they have worked so hard to earn. We can tailor our asset protection counsel to your needs, however specific or unique.
Call (602) 900-9860 to learn more about our asset protection services in Phoenix, AZ.
What Is Asset Protection?
Asset protection is a strategy for guarding one’s wealth, property, and other assets from creditor claims, estate taxes, and other threats. The goals of asset protection planning are to provide an incentive for settling a claim, improve your bargaining position, offer options when a claim is asserted, and, ultimately, deter litigation. It is not to avoid taxes, keep secrets, hide assets, or defraud creditors.
Methods of Asset Protection
A Phoenix asset protection lawyer at Taylor & Lihn, PLLC can provide advice on how best to protect your property from future claims and minimize exposure to potential lawsuits, taxes, and adverse judgments.
Asset protection tools and techniques include:
- Liability Insurance: Your first line of defense against litigation is liability insurance. It is often inexpensive and well worth the peace of mind it provides you when your assets could be at risk. You should look into insurance limits for both your property and vehicles. If you are expecting an inheritance, consider an umbrella policy, or if you own a business, ensure that it’s also covered under a liability insurance policy.
- Trust: Another way to protect your assets is to place them in a trust. Assets in a trust are protected by a number of laws, as long as it is properly drafted and funded. Trusts can also help with long-term care and special needs planning to help a person still qualify for government benefits without having to turn over or surrender assets.
- Business Entities: If you are a business owner, you can separate your personal assets from your business assets by setting up a business entity. A limited liability company or a corporation may protect you from losing any assets if there is litigation or the business fails.
- Retirement Accounts: Investing in a retirement account is a great way to protect your assets. Federal law provides unlimited protection to ERISA-qualified retirement plans as well as up to $1 million in an IRA in the case of bankruptcy, and possibly litigation.
Compassionate Guidance to Protect Your Legacy
Regardless of which method is right for you, it’s crucial to reach a balance between how much control you have and don’t have over your assets. If you don’t have enough control your assets could disappear, but if you have too much control a creditor could argue that you and the asset protection structure are one-and-the-same and should be disregarded on any number of legal theories. Our Phoenix asset protection attorneys are here to create a plan that works for you.
Contact us today to schedule a case evaluation and find out how we can protect your legacy.