Boise Wealth Preservation/Asset Protection & Bankruptcy Lawyers –
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
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.
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.