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Serving Florida families through Adoption legal services, estate planning, probate, guardianship
and mediation
904.853.6268

What is Asset Protection?

For the past several years, asset protection has been one of the fastest growing areas of law. It is also one of the most controversial – the goal of asset protection is to shield one’s assets from the reach of creditors.  Asset protection should simply be about structuring the ownership of assets to safeguard them from potential future risks.  Most asset protection structures are commonly used business and estate planning tools, such as trusts, limited liability companies, family limited partnerships, for example. Properly implemented asset protection planning is legal and ethical and should not be based on hiding assets or on secrecy.  It is not a means or an excuse to avoid or evade U. S. taxes.  There is no one “magic bullet” in asset protection. The term "asset protection" encompasses a number of planning and structuring mechanisms implemented to minimize your exposure to risk. Most asset protection structures are commonly used business and estate planning tools, such as trusts, limited liability companies, or family limited partnerships, for example. There is no one “magic bullet” in asset protection – for each person the asset protection solution will be different. Properly implemented asset protection planning is legal and ethical and should not be based on hiding assets or on secrecy; it is not a means or an excuse to avoid or evade U. S. taxes. There are four threshold factors that are either expressly or implicitly analyzed in each asset protection case. The analysis of these four factors determines what planning would be possible and effective for your specific situation. Call us today to discuss how we can help you reduce your exposure to risk and protect your family.