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
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.
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.
Asset Protection Techniques & Strategies