Asset Protection

Secure Your Legacy, Protect Your Family

At Legacy Law, we understand that protecting your assets is one of the most important steps you can take to secure your financial future. Whether you are an individual looking to safeguard personal wealth or a business owner protecting company assets, we offer comprehensive asset protection strategies tailored to your specific needs. We utilize a combination of entity formation, trust planning, and business continuity documentation to help you shield your assets from potential risks, minimize taxes, and ensure long-term stability.

Protect Your Assets with Proper Entity Formation

One of the most effective ways to protect your personal and business assets is by forming the right legal entity. Structuring your business or personal affairs with the appropriate entities can shield you from personal liability and minimize exposure to lawsuits or creditor claims.

Legacy Law can help you with:

• Business Entity Formation: By choosing the correct legal structure—such as a Limited Liability Company (LLC), corporation, or partnership—you can protect your personal assets from the liabilities of your business. We help you select the right entity for your specific needs, considering factors like tax advantages, liability protection, and operational flexibility.

• Asset Holding Structures: For individuals with significant assets, we recommend creating holding companies or family limited partnerships to separate personal and business assets, further protecting them from legal claims.

• Liability Protection: We advise on the best practices for ensuring that your entities are properly maintained—filing annual reports, keeping business finances separate, and meeting other compliance requirements—to prevent your personal assets from being exposed to business debts.

Minimize Taxes with Trusts: A Strategic Approach to Wealth Preservation

Trusts are powerful tools for protecting assets while minimizing tax liability. By establishing trusts, you can retain control over your wealth, ensure it is passed on according to your wishes, and reduce exposure to estate taxes, gift taxes, and other financial risks.

Legacy Law can help you with:

• Revocable Trusts: A revocable living trust allows you to maintain control of your assets during your lifetime while ensuring a smooth transfer to beneficiaries upon your death. It can help avoid probate, saving time and money for your heirs.

• Irrevocable Trusts: For more advanced asset protection, an irrevocable trust can be used to remove assets from your estate, potentially lowering estate taxes and protecting assets from creditors.

• Tax Minimization Strategies: We work with you to implement tax-efficient trust strategies, such as charitable remainder trusts or dynasty trusts, which help reduce estate taxes and allow you to pass wealth on to future generations without heavy taxation.

• Asset Protection Trusts: For individuals concerned about potential lawsuits or creditors, we can establish offshore or domestic asset protection trusts that shield your assets from claims while allowing you to retain access to them.

Ensure Business Continuity with Proper Legal Documentation

Planning for the unexpected is a key component of asset protection. If you own a business, ensuring its continuity in the event of death, disability, or other disruptions is critical. Proper legal documentation can help your business continue to operate smoothly, protect key assets, and minimize the risk of disputes.

Legacy Law can help you with:

• Buy-Sell Agreements: A buy-sell agreement is essential for business owners who want to ensure that ownership transitions smoothly in the event of retirement, death, or disability. We help you draft agreements that protect your interests and provide a clear framework for the transfer of business ownership.

• Operating Agreements: For LLCs, a well-crafted operating agreement lays out the rules for ownership, management, and distribution of profits. This document provides clear guidelines and helps prevent disputes between members, ensuring business continuity.

• Succession Planning: We help business owners develop succession plans that outline how the business will continue if something unexpected occurs, ensuring that your assets and legacy are protected.

• Key Person Insurance: For businesses reliant on specific individuals (such as founders or key employees), we assist with planning and securing key person insurance, providing financial protection in case of an unexpected loss.