Asset Protection for High Net-Worth Professionals
As a business owner or professional, it is important to create a strategy that shields your personal and business assets from liability. In the event of a business slow-down or lawsuit, you could be subject to liens and forfeitures from creditors, tort claimants and the court.
To prevent the loss of your assets, speak to a DuPage County asset protection attorney at Esp, Kreuzer, Cores & McLaughlin, LLP. We represent business owners as well as doctors, attorneys, architects and engineers who own professional practices. Our experience with business law and estate planning gives us the knowledge to develop an asset protection strategy unique to your profession.
Asset Protection Planning Fundamentals
The basic principle of asset protection planning involves transferring assets from a type of ownership that is unprotected to a protected form of ownership such as corporations, limited liability corporations and limited liability partnerships.
However, these state-created entities do not always protect professionals such as doctors, lawyers and accountants from liability. Even if you incorporate yourself or your business, you may not be shielded from personal liability. In order to protect your personal assets from liability, it is important to understand the difference between creditor-exempt assets and nonexempt assets.
Generally, creditor-exempt assets include your home, qualified retirement plans, life insurance proceeds, annuities and equipment used in your practice. Your business assets and stock, however, are nonexempt.
As part of an integrated estate plan, we can create trusts for complex financial holdings, including stocks, bonds, S corporation stock and limited partnership interests. Putting assets into a trust can protect them from creditors and the court.
Asset protection planning is a supplemental way to shield your personal property from liability. It is an important tool; however, it must be in place before the event you seek to protect your assets from occurs. Transferring assets after a lawsuit or business problem occurs may be considered fraudulent.
To make an appointment, please call 630-871-1002 or contact us online. We have offices in Chicago, Wheaton and Oswego.
