Asset protection is basically the placing of assets beyond the reach of future creditors. It incorporates traditional estate planning, which is the preservation and protection of assets for the benefit of one’s beneficiaries upon such person’s death as well as the preservation and protection of assets during the life of the person.
Asset protection should be proactive, not reactive. In other words, planning should be effectuated to protect against future liabilities as opposed to existing liabilities. Asset protection does not include the hiding of assets, committing fraud or perjury, engaging in fraudulent transfers, or evading taxes.
We can assist clients navigate the asset protection benefits of entity structuring, trust structuring, state law exemptions as well as state constitutional benefits.
Therrel Baisden, LLP has served families and their closely held businesses since 1925. If you want greater legal protection to safeguard your future, call us to schedule an appointment. We are conveniently located at the SunTrust International Center in downtown Miami.
