Many businesses have high liability potential 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. In these situations, it is helpful to combine various corporate entities and trusts, such as Limited Liability Companies (LLCs) and Domestic Asset Protection Trust (DAPT) or Irrevocable Life Insurance Trust (ILIT), for high liability protection and asset protection and privacy. Various levels of planning and protection can be set up depending on the type of business, the location of assets, and the future plans for a client.
It’s almost impossible to guarantee protection of your assets simply because we cannot control what will happen in every circumstance. However, we can make the task of accessing your personal assets very difficult. The more hurdles we place in front of your potential opposing parties the less likely they will choose to jump each one.