Asset Protection + Trusts
Your future. Our counsel.
If you own any of the following assets, you stand to be sued:
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Vehicle/Boat/Trailers/RV
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Home or other real property
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Businesses
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Investments, Cash Savings, Crypto
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Art Collections
If you engage in the following, you stand to be sued:
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Hosting invitees, including service providers, on your property
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Owning pets
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Playing sports
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Borrowing money or using credit cards
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Acting as a landlord
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Parenting and standing in loco parentis for your children's friends
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Society is litigious. Most citizens are involved in multiple lawsuits over their lifetime. A strong asset-protection plan shuts down frivolous lawsuits immediately or completely eliminates them. Why?
Before initiating any lawsuit, a lawyer must assess both whether the claim is meritorious, and whether collection of any judgment is likely. By fencing off your assets and protecting them in various entities, we move them out of easy reach. This is done mindfully and strategically and requires full disclosure to your attorney.
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ASSESSMENT- Without a well-thought-out plan, efforts to shield assets may rely on guesswork, which is not advisable when trying to protect against legal claims or enforcement actions.
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Risk Assessment: Identify potential threats and prioritize them.
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Asset Inventory: A detailed inventory of assets is essential. For high-net-worth individuals and corporations, this process can require forensic expertise to ensure all tangible and intangible assets are accounted for.
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STRATEGY - Various options exist for achieving your goals, including:
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Corporate Governance: Strengthening governance frameworks to prevent piercing of the corporate veil.
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Risk-Focused Structuring: Designing organizational hierarchies and operational systems to prioritize risk mitigation.
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Tailored Policies and Procedures: Implementing custom internal guidelines to address employment, compliance, and operational risks.
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Entity Formation: Using corporations, LLCs, trusts, and special-purpose entities to isolate and protect assets.
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Offshore Strategies: Exploring legal offshore investment and asset management options.
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Liability Insurance: Ensuring adequate and appropriate insurance coverage to address specific risks.
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Contractual Protections: Utilizing contracts with indemnity clauses, warranties, and other provisions to mitigate liability.
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The DAPT is often regarded as one of the most effective means of safeguarding against potential judgments, lawsuits, and creditors who may seek to claim your assets. This type of trust is self-settled, allowing grantors to be beneficiaries and access the funds within it. Some business owners in our state also choose to create them in other jurisdictions. It’s important to weigh the significant advantages and disadvantages of this option, which is best discussed with experienced legal counsel, like our team at Future Counsel.
To safeguard your assets from potential legal threats, establishing an irrevocable trust is one of the most effective strategies. When you properly create your trust instrument, it ensures that courts, lawsuit plaintiffs, or creditors cannot access the funds, real estate, and properties held within it.
An irrevocable trust is valuable for protecting wealth for future generations or charitable purposes, offering security and potential tax benefits. Consulting legal and financial professionals is essential to ensure alignment with goals and legal compliance. They can assist in trust creation, terms setting, and trustee selection, helping protect your legacy and asset distribution.
Establishing a secure Asset Protection Trust (APT) can cost tens of thousands, but it's a worthwhile investment for high net worth individuals. A top-tier legal team is essential to safeguard assets and ensure effective management by a trustee, ultimately generating wealth over time. Successful entrepreneurs often invest over $50,000 for premier APTs, recognizing the importance of protecting their legacy. Just as you wouldn't hire an amateur to build your home, you should seek only the best experts for asset protection.
Litigation poses a persistent challenge to individuals, organizations and their leadership. From frivolous lawsuits to employee disputes and tort claims to conflicts with vendors and customers, private civil litigation can result in significant financial liability. On the public front, both civil and criminal enforcement actions also present considerable risks. To mitigate these threats, individuals, businesses and executives must adopt robust asset protection strategies that minimize exposure and safeguard their financial interests.
Unlike other corporate attorneys, Phoenix Ayotte is a seasoned litigator with extensive experience in federal civil and criminal cases, which allows her to provide practical, risk-focused solutions.
Navigating the complexities of asset protection planning can be challenging, especially when considering which entity works best for your situation, how much control you need to retain over the assets, the potential for revoking or changing the plan, your chosen beneficiaries, and the tax implications associated with the trust or entity. If you seek to enhance or establish safeguards for your personal and business assets, reach out to Future Counsel for assistance.
No Attorney-client relationship is created by a request for consultation. Consultation requests should not include any confidential information or seek immediate legal advice, for this reason.
Courts admitted to practice in:
Virginia; Virginia Court of Appeals; Virginia Supreme Court
U.S. District Court, Eastern District of Virginia
U.S. District Court, Western District of Virginia
U.S. District Court, Northern District of California