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Wealth Preservation

Boise Wealth Preservation/Asset Protection & Bankruptcy Lawyers – 208.285.2085

People from all walks of life and in all professionals can benefit from wealth preservation strategies. Avery Law and our Boise asset protection attorneys can help you discover the right wealth preservation method for you, your finances, and your business. We pride ourselves on delivering personalized client service, not cookie-cutter approaches to situations. You can also feel secure in knowing we are highly-experienced bankruptcy attorneys who use our experience to find wealth preservation methods to best protect your property and business.

Learn more about wealth preservation today. Contact our firm to begin.

Examples of Potential Wealth Preservation Methods

The underlying concept of wealth preservation is keeping your property intact, shielded from creditors and still within your control. You are NOT trying to evade taxes. Of course, certain wealth preservation methods require the payment of less tax than others. We will work with your own CPA to develop the best wealth preservation method (considering the best tax results) for you.

Basic rules often used in any wealth preservation/asset protection plan are:

Use Multiple, Separate Legal Tools

Never own investment real estate in your own name. If you lose a personal lawsuit, you may lose such property. Own each piece of real estate in a separate legal entity. In that way, if one particular property is lost in a judgment, your other real estate properties will not also be lost.

Use LLCs

Asset protection strategy number one is to use limited liability companies. LLC statutes include provisions that keep a creditor from taking the company or the assets inside. The exclusive remedy in most jurisdictions is a charging order. The charging order says that the creditor has the right to distributions paid out of the LLC. But the creditor cannot force you to make such payments. Whoever has the right to the distributions is responsible for the taxes whether they are paid out or not. That means you stick your creditor with a tax bill instead of an asset. Wyoming, Nevada and Delaware have most protective domestic statues. Stronger yet is Caribbean island of Nevis, which possesses potent laws to shield company holdings.

Asset Protection Trusts

If you are willing to give up direct day to day control of some of your wealth, a trust is an option to consider. We can explain to you the various types of trusts, and the pros and cons of each type of trust- including life insurance trusts and offshore trusts.

Own Very Little Personally

There are legal tools that keep creditors for seizing what is yours. When you get sued personally, most assets in your name are vulnerable. Do not hold non-exempt assets in your own name. We can explain to you what of your property is exempt and what is not. The first thing a contingent fee attorney does when thinking about suing you is to do an asset search. So, hold non-exempt property in a properly organized and managed legal entity, or a properly created trust. In addition, have your will and other estate planning documents created so that if you were to become permanently disabled or pass way, your family members receive your property as YOU desire.

Comprehensive Legal Assistance for All Your Asset Protection Concerns

At Avery Law in Boise, we are well-equipped to help you find creative and effective ways to preserve your wealth and property from third parties. Using the right blend of strategies tailored to your specific needs, we hope to set you up for a comfortable future, no matter what lies ahead. In case the unpredictable and unthinkable happens and you need to file for bankruptcy, your prior wealth preservation planning and implementation will dramatically help to protect much more of your property than otherwise.

Call 208.285.2085 to talk to our legal team today.