In order to assess whether a client needs to develop a comprehensive Asset Protection Plan, we must first determine the client’s source of liability. Some potential sources include:
- Auto liability
- Liability from owning real property
- Liability from agents, employees, and children
- Professional malpractice liability
- Contractual liability
- Liability as an officer or director
We work with each client and their financial advisors to evaluate their need for asset protection and then develop an Asset Protection Plan that works to legally secure their assets and minimize taxes and transfer penalties.
Our attorneys are able to employ a variety of techniques including Limited Liability Companies, Irrevocable Trusts, Protected Retirement Plans, Domestic Asset Protection Trusts, State and Federal Exemptions, among others when planning for Asset Protection.
Global Planning requires personal and financial analysis which leads to “modeling,” i.e., a customized design for each high net worth client. This cash flow analysis and modeling is designed to ensure that both the immediate and long-term consequences of Global Planning meet the client’s needs and goals. There are no time-frame limitations placed on Global Planning as it is anticipated that the client/firm relationship and the planning will continue for the long-term as the plan is implemented and maintained to achieve client goals.
For a client to be willing to engage in Global Planning, they have to be comfortable with a long-term relationship, willing to engage the legal services to carry it out, and prepared to tolerate some additional and necessary complexity. Global Planning is about bringing a very high level of value and service to the client through their estate planning.