Asset Protection Planning
At The Douglas Law Firm, Our clients have spent their working careers building assets to meet their needs in retirement or to pass a financial legacy to their heirs. We help clients create and implement strategies to protect those assets from future creditors, divorces, lawsuits, and judgments. Our attorneys in Duval, St. Johns, and Putnam Counties have the knowledge and experience to create different legal vehicles to protect your assets.
Who Should Plan?
Our asset protection clients can be anyone who has something they are not prepared to lose. Asset protection is not solely for people with a high-net worth. Sometimes, people of modest means need asset protection more than the very rich. Many of our clients have worked their entire life to create a nest egg or a successful business. A judgment could deplete retirement funds or cause a business to fail or go through bankruptcy. Our lawyers have helped clients from all across the economic spectrum and tailor specific asset protection plans to fit the individual needs of those we serve.
What types of legal vehicles do we use to protect your assets?
After evaluation, we will begin the drafting and implementation of the correct combination of trusts, limited liability corporations, family limited partnerships, multiple forms of corporations, and other asset-protection vehicles. We never believe one size fits all or that there is only one way to accomplish particular goals. Every client will not need a trust or a corporation, it’s only after careful consideration of our clients’ entire legal exposure that we make our recommendations.
Advantages of Taking Action to Protect Assets
Our clients become poor targets for lawsuits. Lawsuits can drain the financial and emotional resources of the unprepared. Lawsuits are expensive. But when you have protected your assets, there is less money to be lost.
This level of “insulation” can “win” lawsuits before they even start. Creditors and potential legal opponents will often look at how our clients have structured their ownership of assets, and when the cost of attempting to sue our clients is measured against the low chances of ever recovering from our clients, many lawsuits and litigation are never even filed. Even when a lawsuit is initiated, our clients start from a much stronger bargaining position because losses that might have been catastrophic become far more manageable.
Financial privacy is another goal of many of our clients. One of the benefits of protecting assets is that it can make your wealth less visible. This makes you less likely to be the target of an abusive or frivolous lawsuit. Assets that are protected may not show up when public record searches are done by potential creditors, which may keep some lawsuits against our clients at bay.
Protecting your assets also protects your family. We know that our clients’ assets are not solely kept for themselves, but also are there to protect family members in emergencies or to pass wealth or business interests on to family members. The same vehicles we use to protect assets can make it easier to pass those assets on to your family or loved ones. We can even help to tailor a plan for your heir to take over a business at the right time; generally, this is called succession planning. It’s far better to plan during your lifetime than wait for the heirs to fight about it after your death.
Start Protecting Your Assets Today
Call Douglas Law Firm today to schedule a free consultation. Our telephone number is 800-705-5457. We have convenient office locations across northeast Florida in Jacksonville, Palatka, and St. Augustine.