Asset Protection

Asset Protection

Asset Protection is not just for the significantly wealthy. Anyone can be sued and has the potential to lose the assets they have. Trust Law Counsel helps individuals, families, and business owners identify risks and protect against possible liabilities.

Threats to your assets are ever present and will follow you in both your professional and private life. All it takes is one lawsuit to devastate the financial resources you have spent a lifetime building. Personal injury lawsuits, business creditors, ex-spouses, and bankruptcy— each of these can diminish your estate. Proper planning, however, can work to protect you from these threats. You can preserve your assets and dramatically reduce the risk that someone else will get ahold of them.

This planning is especially important if you own a business, as you want to protect your personal assets from your business creditors and you want to protect your business from your personal creditors. It is doubly necessary to take asset protection measures in professions subject to a high degree of liability, such as medicine.

Asset protection is about protecting future generations as well. By engaging in careful planning today, you can help ensure that your children’s inheritance is protected from their own creditors, such as ex-spouses.

Goosmann Law is here to ensure you the peace of mind that comes from knowing that your hard-earned assets and retirement are protected.

Our Asset Protection Techniques & Strategies

Once we understand your planning goals and objectives, we will be able to recommend asset protection strategies to fit your needs.

SOUTH DAKOTA DOMESTIC ASSET PROTECTION TRUST (DAPT):

Another beneficial aspect of South Dakota law, an Irrevocable Trust can be established by you to provide for your benefit while also protecting you from future creditors. In all but a couple states like South Dakota, if a Trust you created provides for your support, a creditor can get to those assets.

SPOUSAL LIFETIME ACCESS TRUST:

Set-up during life, this Irrevocable Trust provides regular income support for your spouse while taking advantage of favorable state and federal tax circumstances. This is also commonly referred to as a SLAT.

IRREVOCABLE LIFE INSURANCE TRUST:

Also known as an ILIT, the Life Insurance Trust has the advantage of providing for your loved ones when they need the money all while keeping the proceeds away from estate taxes and creditors.

FARM TRUST:

These specially crafted instruments allow you to keep the farm in the family until a time of your choosing rather than selling and dividing the property as dictated by inheritance and taxes.

SUPPLEMENTAL NEEDS TRUST:

Ensure that your loved ones with special needs are provided for while also making sure they qualify for applicable government benefits.

SOUTH DAKOTA DYNASTY TRUST:

Provisions unique to South Dakota allow your trusts to continue providing for your family indefinitely into the future, rather than traditionally and generally ending with your grandchildren’s generation.

SOUTH DAKOTA MULTI-MEMBER LLCs:

Designed to make use of South Dakota law to ensure that your business is protected against any creditors that might come after your personal assets.

FAQ's:

Asset Protection Techniques & Strategies

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