A Plan to Protect Assets and Minimize Tax Liability
Clients often inquire whether assets can be protected from the claims of their present or potential future creditors. Asset protection planning can be an integral part of the estate planning process. Preserving one's wealth is a major concern to anyone serving on a board or to others who could be perceived as deep-pocket targets, including business owners and professionals. There are numerous techniques available to protect assets and minimize some taxes. Often, estate planning in this area involves a team approach between experienced estate planning lawyers and other professionals.
This can be a highly complex and frequently changing area of the law that must be implemented carefully, with a full appreciation for what is and is not possible. Technical legal advice is essential. A number of considerations may be addressed, including:
- Why is asset protection planning needed
- Whether the need outweighs the potential costs
- Ethical considerations
- Fraudulent transfer questions
- Available bankruptcy and state debtor's exemptions
- The appropriate use of annuities and life insurance in asset protection planning, including the use of offshore life insurance
- The appropriate use of partnerships and/or limited liability companies, or incorporation to limit liability
- The use of self-settled trusts, and appropriate situs questions
- Pensions and IRAs
- The importance of tenancy by entireties property
- And many other important considerations
At the Law Offices of Robin S. Gnatowsky, our attorney can advise you on whether tax benefits are attainable, whether to use domestic or offshore jurisdictions, and how recent legislative developments and judicial challenges might affect planning strategies. Contact our Virginia estate planning attorney online or call 804-935-8510 to schedule an appointment to discuss your situation. We help individuals, families and family trusts, charitable organizations, and small and family owned businesses in Virginia, Maryland, Washington D.C., and Florida.
Contact Virginia Asset Protection Lawyer
To find out more about protecting your assets contact our Glen Allen asset protection planning attorney online or call 804-935-8510 to schedule a consultation. We help individuals, families and family trusts, charitable organizations, and small and family owned businesses in Virginia, Maryland, Washington D.C., and Florida.