Asset Protection is the cornerstone of estate and wealth planning. It involves (1) shielding businesses and their owners from devastating lawsuits; (2) helping wealthy individuals “take chips off the table” so their hard-earned gains will not be exposed to future events and claims; and (3) incorporating best of breed estate and asset management tools to enhance the success of the overall planning. It is for risks that traditional forms of insurance can’t cover. But it is much more. A comprehensive asset protection plan considers all aspects of the client’s planning. And, in practice, there are also valuable non-protection reasons to form DAPTs, including; privacy, potential tax benefits, flexibility to modify the trust if circumstances change and avoidance of intra-family quarrels.
Limited liability companies (LLCs) usually play a key role in a crafted asset protection plan. And traditional estate planning also plays an important role. But, for a business owner, physician or executive seeking relief from worry over unanticipated and unfounded personal law suits, a well-structured domestic asset protection trust (DAPT) represents the penthouse suite for protection and estate and financial planning.
Although we are seasoned attorneys, we are not expert in the specialized field of asset protection and the legal and financial aspects that it encompasses. Since 2007, we have engaged Liberty Street to perform our personal and business asset protection, corporate legal management and financial consulting. As a result, we sleep at night knowing that we have done all that can be done to protect our futures from the unforeseen.
I have worked with Liberty Street for many years. Many of our faculty have ancillary businesses and other assets that can benefit from the planning that Tom and his team provide. The detail and quality of their work is rare.
We have worked with Liberty Street and Tom for over a decade, but I am still surprised at the depth of their capabilities and the warm personal service. We have yet to raise a problem they can’t solve.
Liberty Street’s asset protection plans bring clients both legal and financial solutions to their concerns. Their strength is that they have seen and dealt with almost every type of asset and problem.