Asset Protection and Business Planning

In addition to Estate Planning, Lisa can implement a variety of other asset protection strategies designed to protect those with high incomes, such as doctors, or those who own high-risk investments, like owners of rental properties, from losing their assets to creditors. Strategies include setting up entities such as  "Qualified Spendthrift Trusts", ``Limited Liability Companies” or ``Family Limited Liability Companies” as the legal owners of assets so that creditors will have a difficult if not impossible time getting their hands on those assets. Aside from creditor protection, a Limited Liability Company or Family Limited Liability Company can also save your family up to 50 percent in estate and gift taxes.

Many people are aware of an asset protection tool called an "Offshore Trust".  Wyoming now has a similar tool called a "Qualified Spendthrift Trust". A Qualified Spendthrift Trust allows individuals of significant wealth to form a trust in which to place some of their assets in order to protect them from future creditors. A Qualified Spendthrift Trust is often used in combination with a Limited Liability Company in order to offer additional protection and control for the individual forming the trust.    

Strategies such as “Buy-Sell Agreements” should be implemented to protect those who own properties or businesses with more than one person. If attorney Rice’s grandmother had a Buy-Sell Agreement, her family would have avoided four years of litigation, a huge family fight and the loss of the family ranch.

Lisa will be happy to explain these strategies to you and to set up the ones from which you are most likely to benefit.