Protect your Hard Earned Assets
We offer a wide array of services designed to help protect the assets you have spent a lifetime gaining. With our help, you will leave our office with a customized plan to help protect your assets from any future risk, whether it be from the government or another factor.
Asset protection planning is the process of arranging your assets in such a way as to minimize exposure to potential creditors and predators, or to protect assets from future marital claims. Asset protection planning can also be used to preserve assets and prevent disqualification from certain governmental programs (see Elder Law & Special Needs Planning), or to minimize exposure to taxes (see Comprehensive Estate Planning).
A Strategy that Fits your Life
As society becomes increasingly litigious, many people are concerned about the threat of lawsuits or exposing their assets to claims from creditors, predators or a divorcing spouse. There are various strategies available depending on your specific concerns.
Asset Protection planning strategies may include:
- Irrevocable Asset Protection Trusts
- Business entity formation, such as a Limited Liability Company (LLCs)
- Prenuptial and Postnuptial Agreements
- Guidance on asset titling and ownership structure
- Inheritance protection trusts to protect assets you are leaving to a child or other beneficiary
Protecting the Next Generation with Beneficiary Asset Protection Trusts
Just because you allocate your assets to your children or other beneficiaries doesn’t mean those assets are fully protected. Your estate planning documents can create trusts to hold your child’s inheritance and protect against creditors, predators, or divorcing spouses. This may sound complicated but can be as simple as adding a set of instructions to your basic documents. In fact, this has become an increasingly popular option in Missouri since the passing of the Missouri version of the Uniform Trust Code in 2005. Missouri is one of a handful of states that provides an elevated level of protection for beneficiary trusts.
We can help you plan for every scenario when it comes to what your children or beneficiaries must deal with when it comes to your estate.
Medical & Professional Practice Concerns
If you are a physician, dentist, business owner, real estate investor, accountant (CPA), lawyer or a member of other professions that may be subject to lawsuits, you may benefit from pro-active asset protection planning. Successful professionals can be targets for lawsuits, even if the claim is not warranted. It is imperative that you plan in advance for these situations, as once a claim arises it is too late to protect against it (however protection from future claims may still be a possibility).
At The Lynn Law Firm, we will work with you one-on-one to make sure your plan addresses your concerns and provides the best protection available.