One of many important asset protection strategies is being aware of the changing laws that affect you. You can do that by having an asset protection attorney on your team of trusted advisors (hint hint). You can also read the local paper to see what crazy new laws and regulations are being passed. [Read more…] about Asset Protection Strategies: Be aware of silly liability laws
If you think back to the 80s, you might remember the McDonald’s McDLT (check out the commercial below if you don’t remember). McDonald’s was selling a burger with packaging that kept the hot side hot, and the cool side cool. Although the McDLT didn’t last, the hot vs. cool asset strategy is used in smart asset protection and estate planning protection. [Read more…] about Asset Protection Attorney Definitions: Hot vs. Cool Assets
This is not our first rant about online DIY legal planning. Here are some good reasons why generic legal documents are no good. This post, specifically, is about generic operating agreements for your business. If you own an LLC, you should have an operating agreement for your company.
As an asset protection attorney I get a lot of questions about how to protect home equity. For a lot of people that is one of their most valuable assets. And its no surprise that home owners are building more equity and are concerned about keeping it safe and sound. Reading some recent news headlines you’ll see home prices are rising faster in Washington than any other state and Seattle home prices continue to rocket up and break record prices. [Read more…] about How to protect your home equity
A Domestic Asset Protection Trust (DAPT) provides one of the highest levels of asset protection planning without going “offshore” (planning in a foreign country). The DAPT is an irrevocable trust with spendthrift provisions. In regular English, this is a legal fiction (the trust) allowing a person to shield their assets from lawsuits and creditors. Unlike most irrevocable trusts, you are not completely giving up the use or benefit of the assets in the trust. [Read more…] about Asset Protection Attorney Definitions: Domestic Asset Protection Trust
An irrevocable trust is a part of most serious, asset protection strategies. In the business of estate planning and asset protection, there are countless categories of trusts. And they all sound very serious. When Lawyers create new categories of trusts, they often create names that are very similar, often using many of the same words, as trusts by a different name. There are a number of main features or characteristics that differentiate every trust or every category of trust, and one such characteristic is whether a trust is revocable or irrevocable. [Read more…] about Asset Protection Attorney Definitions: Irrevocable Trust