Incorporating your business or forming a limited liability company (LLC): Both options, when properly formed and managed, would limit losses to the amount of money you have personally invested in a business.
Trusts: Trusts are a versatile asset protection tool that can be used to protect against everything from estate tax to a delay in assets transferring that causes mismanagement and reduces asset value. Trusts can also help you to qualify for Medicaid without having to give up the financial resources that normally make you ineligible for Medicaid coverage. This is important since you may be unable to get anyone to pay for nursing home care other than Medicaid.
Family Limited Partnerships. Asset protection planning with FLPs includes “inside creditor protection,” “outside creditor protection” and litigious family circumstance protection.
Buying insurance coverage. An asset protection lawyer can help you to make certain you are fully insured.
These are just a few of the many tools used for asset protection. You need someone who knows how to choose the right approach and put together a comprehensive, detailed plan aimed at protecting the maximum value of your wealth.
Let Kinghorn Law help you to keep your wealth safe for yourself and future generations.