High Net Worth
First, let’s talk about what asset protection is NOT: it is not evading the IRS, it is not evading judgment creditors.
Many businesses have potential liability either from outside creditors or from clients or employees. For businesses with significant value, additional protection of the personal assets of the business owner as well as the business itself are warranted.
Multi-generational planning has its challenges. We do not spend as much time thinking about the gift tax or generation skipping tax as we used to now that the exemption for generation skipping gifts and gifts in general is the same as the federal estate tax exemption of $5.49 Million.