Asset Protection Planning
A common thread of the legal services that Smith and Condeni attorneys provide to our clients is asset protection planning. Everyone has some exposure to claims of creditors and we believe that as part of our planning services, we should address risk management.
The simple act of driving a car carries the possibility of substantial financial exposure. That is why we have car insurance. But what is the risk management strategy if potential liability exceeds the amount of the coverage. We have many clients who are doctors, lawyers and accountants and have potential liability for the treatment or advice that they provide. What is the asset protection planning strategy for claims that may exceed insurance coverage limits?
Marriage creates risk. What happens to family assets if a spouse needs to go into a nursing home facility? In many cases, we can structure asset ownership to limit financial exposure. In the United States, approximately 50% of marriages end up in divorce. Asset protection planning for our clients may involve pre-nuptial agreements to protect assets brought to a marriage and the creation of trusts to segregate pre-marital assets.
Children have marital problems and inherited assets get pulled into the vortex of divorce proceedings. How can we protect these assets from ending up in the hands of an in-law (who is about to become an out-law)? Through our advanced dynasty type estate plans, we can eliminate the financial risk of parents' assets being treated as marital property of their children or even their grandchildren.
Other sources of risk arise from the operation of businesses and ownership of investment property. We help our clients identify risk and then determine how it is to be managed. These clients receive sophisticated, customized planning with multiple levels of protection.
For each of our clients, we identify then evaluate the threat of risk and provide in our planning solutions the strategies necessary to protect our clients, their families and their assets.
Practice Area Attorneys
Please contact Smith and Condeni for more information. We look forward to hearing from you.