Whether you have worked hard for many years to build your wealth, you are in the process of building your wealth now, or you have received a substantial inheritance, you want to protect your wealth from liability. Business owners, doctors, and other medical practitioners are generally exposed to greater legal liability than the general public. While there is no way to immunize yourself from legal liabilities of various kinds, there are steps that you can take to both reduce your exposure to liability, and to protect your assets from creditors.
There are several “asset protection” approaches to take in minimizing your exposure to various legal liabilities. Some asset protection plans that significantly reduce liability exposure also have drawbacks in other areas, such as tax, control, and flexibility. Every asset protection strategy involves a multi-disciplined approach, which is where my experience as a CFP®, in addition to an attorney, is so valuable. Setting up various LLCs, Trusts, and other entities is only part of the solution which a typical lawyer is able to provide. Different investments and different types of accounts are afforded varying levels of asset protection under federal and state laws. A comprehensive approach is the only way to take advantage of the creditor protection that the various types of accounts and various investment types offer without losing sight of the clients‘ other financial goals.
At Morris Legal and Tax, LLC, I understand that asset protection is only one part of your comprehensive financial plan. I will listen to your concerns, explain your options, the pros and cons involved with each, and work with you to minimize your exposure to liability in the manner that best suits your situation. What you end up with is an asset protection plan that is based on your goals, your values, and is in sync with your business plans, your tax plans, and your estate plans.
