There exist several legal entities an asset protection planner should consider using to create your asset protection strategy. Among them:
- State Exemption Planning;
- Special considerations for elders;
- Limited Liability Companies (LLCs), Limited Partnerships (LPs) and Family Limited Partnerships (Family LPs);
- Equity Stripping;
- Irrevocable Living Trusts, including:
- Premarital, Postmarital, or Transmutation Agreements; and, although a part of estate planning and not asset planning.
Information about each of these asset protection vehicles is provided for your reference only and is not meant to constitute legal advice. The use and suitability of each depends on the expected types of claims or debts that may be claimed against the asset you are protecting. Often, multiple vehicles are combined together to create layers of insulation. We are able to weigh the alternatives for your situation and create the correct asset protection plan and asset protection vehicles for you.