Asset protection may be incorporated as an aspect of tax planning for tax minimization purposes and during estate planning, which often involves spending down assets for Medicaid qualification, as well as to ensure probate matters won't result in unnecessary costs. Additionally, foreign/domestic restructuring, family limited liability companies and foreign asset protection trusts may play a significant role in an effective asset protection plan.
For a business owner, whatever the nature of the asset protection, there are basic liabilities the plan works to solve. Separating assets is essential in minimizing asset liability and may include:
- Separating personal assets from business assets
- Separating business co-owners' assets from each other
- Separating streams of income into separate legal entities
- Separating business operations from assets
- Turning as many non-exempt assets as possible into exempt assets
Our attorneys at Ferguson Cohen LLP can provide legal assistance not only tailored to your personal or business needs, but also to ensure necessary compliance with state and federal laws governing proper asset protection.
Please call our office at 203-661-5222 to arrange a consultation to discuss your asset protection concerns.