Asset Protection

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:

1. The Florida Homestead
2. Florida Irrevocable Trusts
3. The Family Limited Partnership
4. The Limited Liability Company
5. Joint Tenancy Property
6. Annuities
7. I.R.A.’s
8. Life Insurance
9. 401 (K) and Federal Sponsored Retirement Plans
10. Offshore Corporations and Trusts
11. 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.