Asset Protection Attorneys
Bethesda Asset Protection Lawyers
It is important to ensure that your hard earned assets are protected from creditor claims. Asset Protection must be implemented before there are any known creditors. We cannot and will not assist clients in evading their creditors under the guise of asset protection so please don’t ask.
The hard truth, though, is that if you are a successful professional or entrepreneur who has accumulated valuable assets as a result of your success, you may become the unfortunate target of malicious or unwarranted legal attacks. You may have liability exposure without knowing the extent of your risk. If you have accumulated assets of value, you may want to have an asset protection attorney perform a legal risk audit to uncover at least some of your risk exposure so you can decide whether to take legal steps to decrease that exposure.
While lawmakers have created special vehicles for asset protection, the risks associated with use of those asset protection efforts have grown. A poorly designed asset-protection plan can result in significant exposure under the Uniform Fraudulent Transfers Act and other theories of liability. Daniel S. Willard, P.C. can advise clients on the formation of trusts where one goal may be to protect wealth from future, unknown liabilities. At the same time, Bethesda asset protection law firm Daniel S. Willard, P.C. can advise clients as to the circumstances under which an asset protection plan may cause more liability than it is worth.
Legal asset protection is anything that can protect personal, family or business assets from seizure by a creditor. This can be due to divorce, bankruptcy, personal injury or civil lawsuit. There are a number of vehicles for asset protection, from corporations and limited liability companies to family limited partnerships and irrevocable trusts. An asset protection plan can include a combination of different legal entities and/or trusts that Daniel S. Willard, P.C. can provide.
Asset protection attorney Dan Willard, Esq. represent a wide range of clients, including professionals and high-net worth individuals in Bethesda, in Montgomery County, Prince George's County, Howard County, Frederick County, and throughout Maryland and the District of Columbia.
There are a number of ways to preserve your assets and protect the legacy that you have created for your family and charitable causes. Some basic approaches that may be appropriate for your asset protection plan include:
- Corporations, family limited partnerships, LLCs and LLPs to hold property, expensive equipment and other assets in one or more entities separate from the entity through which you provide professional or other services. Lawyer Dan Willard creates corporations, LLCs, LLPs and family limited partnerships to lease expensive assets for doctors and other professionals in Maryland and the District of Columbia.
- Business succession planning and other estate planning to prepare for the next generation of ownership of your closely held business
- Domestic asset protection trusts that help insulate assets of one entity from creditors of another entity
- IRA stretch accounts and trusts to minimize the tax impact of distributions from before-tax savings accounts
- Irrevocable life insurance trusts (ILIT) to minimize or eliminate estate taxes
- Charitable trusts to support the causes that are important to you
We do not do asset protection plans to assist in shielding assets from spouses in divorce proceedings or for any fraudulent purpose or to evade existing creditors, including tax authorities, so please don't ask.
By Dan Willard