Why You Need Asset Protection Planning

People with significant assets need to plan carefully to protect their holdings. Taxes can take a significant portion of your estate if you do not undergo proper asset protection planning.

Howard M. Hyman, Attorney at Law, has nearly 40 years of experience assisting people with estate planning aimed at preserving their assets. We serve clients throughout the Philadelphia metro area and western New Jersey.

Offshore Trusts

We can establish trusts in jurisdictions that are favorable to asset protection, including the Isle of Man, the Bahamas, the Cook Islands, the British Channel Islands, Jersey and Guernsey. Some American states also have favorable laws, including Wyoming, Nevada, Alaska and Delaware.

Such trusts take advantage of protections that these states offer from individuals filing lawsuits and from creditors. The purpose is not to defraud creditors, but to protect hard-earned assets and personal belongings from unwarranted attacks. Establishing trusts can also provide for business succession planning.

Asset protection trusts are not guaranteed to be impervious, but there is a greater degree of certainty in having trusts legally located in these jurisdictions. They should be seriously considered by professionals in high-risk businesses, ranging from surgeons, architects and builders to business owners involved in scrap iron, auto repair or waste disposal.

There Is No Lawsuit So Illegitimate That It Can't Be Won

One of the principal reasons for proactive asset protection is to prevent severe losses from lawsuits. If something catastrophic occurs, you need to have assets protected from illegitimate claims. Being without fault or having sufficient insurance is not always enough to avoid severe losses.

For example, real estate owners can have a fire in a building and then be inundated with claims. Such claims may be unwarranted, but court battles are largely unpredictable. There is always a risk that a claim no one feels has merit can win and receive a very large judgment.

Protection From Changing Regulations

Also, laws can change and make a business activity illegal without your knowledge. You continue doing things you have always done and suddenly are liable for fines without even the protection of a statute of limitations. It is important to protect assets from the fickle nature of government regulations.

Contact Us Today

Contact Howard M. Hyman, Attorney at Law, for a free, initial consultation about asset protection planning. Call 215-725-1950. You can also contact us online. Evening and weekend appointments are available.