Practical Solutions for Asset Protection
According to the Arizona State Bar Association, asset protection planning is the process of using financial instruments, forms of ownership, trusts and other vehicles to shield assets from creditors and other claimants. While many think of international trusts and offshore accounts, domestic asset protection planning offers Arizona estate planning attorneys a variety of powerful tools to help their clients preserve their assets from potential losses; some of these tools include:
- Certain Retirement Accounts
- Insurance Contracts
- Family Limited Partnership
- Professional Liability Insurance
- Limited Liability Company (LLC)
- Domestic Asset Protection Trusts
Whether you were born in the United States or if you came to America to realize the great American dream, when you’ve worked diligently to accumulate wealth it’s important to take the necessary steps to protect it. This especially holds true for physicians, business owners, corporate executives, real estate developers and other professionals who are at risk of lawsuits and professional liability. Almost everyone knows someone who has lost everything and in this highly litigious society, asset protection planning is the only way to shield your assets and shield them from liability claims.
Asset protection planning does not mean hiding or concealing assets, it’s about utilizing the existing state laws to obtain the proper protection for your assets. In other words, it makes them harder to access and penetrate and a less available target for claimants. While asset protection is important for anyone who has amassed a significant level of wealth, those in certain professions such as the health care profession, attorneys, accountants, and individuals with businesses that pertain to health care such as nursing facilities are frequently targeted in claims. Those in construction such as architects, builders and developers are inclined to have professional liability concerns as well.
Need a lawyer for asset protection planning?
Unfortunately we live in a litigious society where unscrupulous individuals jump at the opportunity to file a lawsuit. With asset protection planning, you can shield your assets from aggressive litigators. With so many options available to you, it’s important that you strategize your plan with a qualified Arizona estate planning attorney from Ferris, Thompson & Zweig. Call us today at (480) 543-8700 for the professional guidance you need to maximize your assets.