07 Apr Understanding Asset Protection & LLC’s
Asset Protection is something that anyone with significant assets needs to consider. We live in a time when many Americans believe that they have the right to sue anyone at any time for any reason: nearly $300 billion in lawsuits is filed in this country every year. Mind you these lawsuits happen right here in Gilbert, Chandler, Mesa and other Arizona cities. It’s vitally important to not only know how to make money, but also protect it! While living trusts and other estate planning tools are a critical part of your long-term financial plan, they are not designed to protect your assets from lawsuits.
Many of our attorneys at Phelps LaClair are former civil litigators; we know the real life, “end of the road” perspective that is so valuable when designing Arizona asset protection structures for our clients. We understand the risks and how to legally protect your hard-earned assets from the surprises life brings.
Over the years, our Phoenix asset protection plans have benefited the following types of clients:
- Real estate professionals
- Clients with rental properties
- Physicians, dentists and other professionals in high-risk industries
- Business owners
More is Not Necessarily Better
We go to great lengths to strike the right balance for you, always favoring our rule that simple is better for most people. An asset protection plan is not one size fits all – it is based on your individual tolerance for risk, cost and complexity. Our job is to help you strike the right balance during the design phase, and then do lots of education and “hand-holding” during the implementation phase to make sure the plan will hold up when it counts.
Asset Protection Should be Integrated With Your Overall Estate and Tax Planning
It is important to keep your eye on the big picture when doing asset protection planning. Our planning fits seamlessly with your estate and tax planning. The truth is, a well-designed asset protection plan is also going to be a powerful vehicle to save you and your loved one income, estate, and gift taxes.
The attorneys at Phelps LaClair have accounting and advanced tax degrees so we are perfectly capable of working closely as a team with your CPA and other advisors to make sure your plan provides you with the most benefit possible … even if you never get sued! We want our local Gilbert and Chandler community to be fully protected when it comes to asset protection.
Asset Protection Planning Must Be Done When the “Sky is Clear”
It is important to put your asset protection plan in place before there is trouble on the horizon, not when you are about to get sued. We tell our clients that asset protection planning is like a fine wine … it only gets better with age! Think of asset protection as a form of insurance – buy it before you need it.
Commit to your financial self-defense program today and protect your assets before you are in a tough spot.