Asset Protection FAQs
Q. If I put my assets in a partnership or limited liability company (LLC) then no creditors can touch them, right?
A. Not necessarily. Like many areas of the law, much depends upon other factors such as their lawsuits were pending when the assets were transferred to these entities, what formalities were followed in running the entities, is/are there is more than one “owner” of the entities, and many other issues.
The general rule in the asset protection area should be an understanding that any single entity does not make for an asset protection plan. Rather an asset protection program involves multiple layers of entities, and/or ownership arrangements, that do not prevent suit, but rather, provide leverage to deal with a creditor who takes legal action. A proper and effective program often can include a layer of trusts, partnerships, limited liability companies, and/or intra-family refinance structures as to underlying assets. The plan that is right for one person may be completely inappropriate for the assets and circumstances of another.
Attorney Craig F. Snyder can help you protect your assets and provide related estate planning services in Palm Beach, West Palm Beach, Palm Beach Gardens, Boca Raton, Jupiter, and the entire state of Florida. We thank you for visiting our site and welcome the opportunity to serve your legal needs.