On the most rudimentary level, asset protection is the process of shielding assets against potential lawsuits, creditors or bankruptcy. Asset protection has great value, particularly to business owners and professionals that own valuable assets. Asset protection planning needs to begin early, prior to impending lawsuits and anticipated judgments. Attempting to protect assets after a judgment has been secured or after bankruptcy has commenced will likely trigger Florida’s Fraudulent Transfer Statutes. Florida is known for having some of the best asset protection laws in the nation, which should be utilized well in advance of any potential creditors.
In recent years litigation has become more prevalent especially in Miami against business owners and professionals. Accordingly, it is imperative that proper asset protection planning be instituted to dissuade unnecessary litigation. Here at Chepenik Trushin LLP, we service clients in Miami to assist them in protecting their assets from prospective creditors.
Asset protection does not utilize a method of hiding assets, but rather looks to the titling of assets. Certain assets are given special protections under the law. Once we analyze and evaluate your unique situation, we will then discuss your concerns and formulate a plan to address those concerns. We analyze your assets by taking a global inventory and dichotomizing which assets are already protected by state law from the ones that can be easily reached by creditors. Insofar as you have assets that are easily reached by creditors, we will utilize certain tools to retitle them thereby alleviating creditor concerns.
Asset protection attorneys have a plethora of tools to utilize when creating an asset protection plan. Some of these options may include Florida LLCs, Florida limited partnerships, pre-marital or post nuptial agreements and use of Florida’s protection for annuities, insurance, retirement plans and other investments. An additional tool is utilizing out of state asset protection trusts and even setting up trusts in foreign jurisdictions. Our attorneys are here, in North Miami, to help you navigate potential pitfalls and assist you with creating an efficient asset protection plan to suit your business and professional lifestyle.
Business owners and professionals should seek attorneys that understand their business so that risks can be properly analyzed. Some businesses have unavoidable risks such as accidents on their premises. Seeking help from experienced asset protection attorneys that have business experience will help to create efficient structures that do not jeopardize business operations. Furthermore, employing some of these structures have specific tax implications. It is important that the asset protection attorney understands the tax implications of each structure to ensure the efficacy of the asset protection plan. At times, certain asset protection plans that are implemented can cause negative tax implications. Attorneys with backgrounds in business and tax can assist in minimizing the negative tax implications while still providing effective asset protection.
The firm of Chepenik Trushin LLP employs a unique blend of experience in the areas of estate planning, corporate/business law, and taxation to help service clients in Miami, Aventura and Fort Lauderdale and craft the most efficient asset protection plan possible to enable you to operate your business and profession without the constant burden of potential creditors.
Call Chepenik Trushin LLP at (305) 981-8889 or contact us online