Sophisticated Strategies for Asset Protection
People perceived as wealthy have a target on their back. The assets you worked hard to accumulate will always be vulnerable to lawsuits and judgments unless steps are taken to keep them out of the reach of creditors and gold diggers.
The Law Offices of Lawrence Brown guides clients to asset protection vehicles that keep assets safe without drawing undue attention from the government. We represent professionals, small business owners, family businesses and other clients in the Dallas-Fort Worth area, across Texas and all over the United States. Call 888.870.0025 to discuss your situation.
Asset Protection: Neutralizing Threats
Federal estate tax, state inheritance tax, gift taxes and generation-skipping taxes are not the only threat to personal wealth. In fact, the primary goal of asset protection is not tax avoidance but guarding against litigation, judgments and liens:
- Personal liability of corporate officers and directors
- Liability as guarantor for the debts of another
- Professional malpractice liabilities
- Suits by former business partners
- Personal injury suffered on your property
- Personal injuries involving your motor vehicle
- Liability arising from personal malfeasance
Insurance alone cannot protect adequately against all of these threats in all cases. We help clients protect wealth using lawfully established trusts and other legal techniques.
Strategies Depend on Jurisdiction
For Texas clients, we make sparing use of offshore trusts and business entities (LLCs), because (a) such transactions are reported to the IRS and draw heavy scrutiny, and (b) Texas law provides decent asset protection through simpler avenues. We help clients distribute the risk by taking advantage of protections afforded through IRAs, certain trusts, life insurance policies and annuities, home equity and deferred benefit retirement plans. In states with less favorable laws (Massachusetts, for example), more aggressive strategies may be necessary, perhaps including offshore shelters.
We can also help clients establish a credit shelter trust or bypass trust when the goal is to shield a minor child's assets from predation.
Lawrence Brown has 20 years of experience in tax law and tax litigation, and he provides comprehensive estate planning services. From the hundreds of cases he has won at trial or resolved favorably, Mr. Brown knows what will pass muster with the IRS and Department of Justice, and what crosses the line. This enables clients to be bold in asset protection strategies without being foolish.
Contact our Dallas office at 888.870.0025 to arrange a consultation.
