Asset Protection is the process by which one employs strategies and legal structures designed to shield your assets from the reach of creditors, business partners, the I.R.S. and ex-spouses. A well-designed asset protection plan builds a protective fort around the client's estate and guards' family wealth from external creditor attack. The most effective Asset Protection plans contain multiple layers of protection, so that even if a creditor can defeat one protective device there are other impediments to the creditor’s attack.
Asset Protection is therefore a vital part of any estate plan and a well-prepared plan will protect you from exposure to judgments arising out of lawsuits. Asset Protection does not involve hiding assets as the techniques used by Ellis, Ged & Bodden P.A. are fully within the boundaries of the law.
Some of the most common asset protection devices are as follows:
- The Florida Homestead
- Florida Irrevocable Trusts
- The Family Limited Partnership
- The Limited Liability Company
- Joint Tenancy Property
- Annuities
- I.R.A.’s
- Life Insurance
- 401 (K) and Federal Sponsored Retirement Plans
- Offshore Corporations and Trusts
- 11. Florida Corporations (In limited situations)
Asset protection is especially important for physicians and other professionals who have exposure of their assets to lawsuits and large jury verdicts.
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561-995-1966
