Wealth Preservation

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.

Use LLCs

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.