Asset Protection Tools
law firm of Craig F. Snyder, P.A.West Palm Beach Asset Protection Tools
Solid asset protection planning really involves the layering of various asset protection tools. Only with the guidance of a seasoned asset protection planning attorney can you truly protect your assets from unknown future creditors. Attorney Craig F. Snyder has more than 20 years of experience in asset protection, estate planning and probate and estate administration. He can work closely with you to design a plan that is catered to your specifications that will protect you, your family and your assets now and in the future.
Creating an Asset Protection Plan Unique to You
At the law firm of Craig F. Snyder, P.A., we can help you make the most effective asset protection plan possible for your particular estate planning situation. Schedule an appointment with us at our West Palm Beach, Florida, law office to discuss your unique needs, possible options and to come up with a plan together that meets all of your asset protection and wealth preservation goals.
Understanding the Need for Asset Protection Tools
Yes, assets inside LLCs that are properly managed are generally safe from the reaches of creditors of a member (there are exceptions to general rules beginning with the number of members). However, even if an LLC is an appropriate strategy for a particular asset (an issue that requires careful consideration), if a debtor is an owner (member) of the LLC at a time of creditor collection efforts against the member personally, any LLC “profits” distributable to the debtor member are effectively stuck inside the LLC. While a creditor may not be able to “enjoy” the LLC’s “profits” or LLC assets allocable to the member’s share of the LLC, the member will be unable to enjoy them either since a creditor, with the right legal standing (“court paperwork”), may lawfully “intercept” them before the member can receive them from the LLC. Is the owner/member really served if the LLC’s asset and profit is so “safe” that neither a member’s creditor, nor the member can benefit from what’s inside the LLC at such a time? Experienced implementation can design a better use of such a tool should such a tool be appropriate for the situation.
A single entity does not create an effective asset protection plan. Instead, a truly effective asset protection program is part of the overall estate plan and involves multiple layers of strategies and choice amongst numerous tools. These tools include various title arrangements, entities such as trusts, partnerships, companies, and sale, refinance and leverage structures. Remember, every circumstance is different, and is thus why you should discuss your specific needs with an experienced Florida asset protection attorney like Craig F. Snyder. Let him guide you to the plan that is right for you.
Asset protection tools can include:
- Special trusts
- Limited Partnerships (LP) (“Family” Limited Partnerships are LPs amongst family members)
- Limited Liability Companies (LLC)
- Other Business Entities
- Installment Sales
- Insurance policies
- Annuities (commercial and private)
You may have heard the term “your home is your castle.” Under Florida law, this is recognized under the homestead exemption. This is not always limited to a single-family house. Other exemptions from creditors under Florida statute include:
- Life insurance policies
- Pensions and certain retirement accounts
- Disability income
- Up to $1,000 equity in an automobile
- Prepaid college tuition
Contact Us for a Skilled Jupiter Wills and Trusts Attorney
To learn more about various asset protection tools and how we can create a plan for you, contact our Jupiter, Florida, law office to schedule an appointment. Attorney Craig F. Snyder can help you protect your assets and provide related probate and estate planning services in West Palm Beach, Palm Beach, Palm Beach Gardens, Boca Raton, Jupiter and the entire state of Florida.
For more information about asset protection, visit our asset protection FAQ