West Palm Beach Asset Protection Lawyer
Protecting Assets From Creditors
Asset protection planning combines various legal techniques designed to protect property interests from unknown future creditors. While this type of planning is intended to initially benefit the creator of the plan with appropriate integration to the overall estate plan, heirs may also realize the benefits.
What Is Involved in Asset Protection Planning?
Asset protection planning may involve the layering of various entities, trusts and ownership arrangements. It may involve sales or other creative solutions to exchange one “vulnerable” legal interest in property for another legal interest of equal or greater value but with certain impediments to collectibility or liquidation. Similarly state laws known as exemptions and the use of FL homestead and other readily available title forms and property types may be considered and used.
In all, these techniques are formulated to lawfully arrange and diversify the nature of an individual’s property interests in an effort to at least place a person in a favorable position to negotiate with someone who lawfully has a right to satisfy a debt and would otherwise have available, a wider target of property interests readily available to liquidate the obligation. Lawfully implemented, this planning does not involve “hiding” assets or making transfers in fraud of creditors.
Tailored Solutions To Meet Various Asset Protection Goals
Not any one type of plan or entity structure will meet the goals of every individual. Proper asset protection planning requires intense client involvement and often choice amongst alternatives with varying degrees of “pros and cons” in an effort to tailor the plan for a client’s specific needs.
At the law firm of Craig F. Snyder, P.A., we work closely with our clients to ensure the most effective plan possible. We discuss their situation, review options and come up with a plan together that meets their unique needs and asset protection goals. Moreover, as a comprehensive estate planning firm, we will represent our clients’ related needs to manage, preserve and transfer their assets from the implementation phase until and through the process of probate and trust administration.
To learn more about asset protection planning, see our asset protection FAQ page, or contact our office to schedule an appointment. Attorney Craig F. Snyder can help you protect your assets and provide related estate planning services in West Palm Beach, Palm Beach, Palm Beach Gardens, Boca Raton, Jupiter and the entire state of Florida.