Let our 95+ years of experience help you obtain a fresh financial start.
Boise Metro 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 Metro 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.
Step one in protecting your assets is to use LLCs, or limited liability companies. The statutes governing these types of companies include certain provisions that keep creditors from taking the company’s internal assets or the company itself. In most jurisdictions, the exclusive solution is a charging order – this states that creditors have the right to distributions paid out of an LLC.
However, these payments cannot be demanded by the creditor. The person who has the right to the distributions is also accountable for any taxes, paid or unpaid, meaning that you can stick your creditor with a tax bill rather than an asset. Delaware, Nevada, and Wyoming have the most protective statutes surrounding LLCs in the United States, and the Caribbean island of Nevis maintains even more potent laws that 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
Certain legal tools exist to protect your assets from creditors. When you are sued personally, the majority of your personal assets held under your name could be confiscated. This is why it’s important to avoid holding non-exempt assets in your name. We will work with you to explain what or your property is exempt and what is not in order to help prepare you for an asset search. This is the first thing a contingent fee attorney will do when considering suing you. Instead, 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 away, your family members receive your property as YOU desire.
Comprehensive Legal Assistance for All Your Asset Protection Concerns
At Avery Law in Boise Metro, 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.
From beginning to end, this was a much more pleasant experience than I ever imagined thanks to all of the helpful and caring ...- Chuck
The bankruptcy case went very smooth and I was impressed at how easy John made the whole process.- Bankruptcy Client
Thank you for all your help through these trying times.- Bankruptcy client |
Averylaw handled my case very professional my financial situation was were this was my best option Averylaw gave me the best ...- Steven & Tammy L.
Going through a bankruptcy is never easy. A person's self worth feels like crap and having to enter the world of owing people ...- Former Client
Ryan made a very difficult process manageable. He always put us first and helped us navigate this difficult process with ...- Former Client
Thanks John! The work you did for us was painless and your fees were very reasonable. We will do business with you again.- Former Client
Because of my situation I was very nervous to meet with anyone. John made the process as simple as possible. Not only did he ...- Bankruptcy Client
We Want to help you get your life back! so we have partnered with 720 CreditScore program to help you start your journey.