Asset Protection Planning
As our society becomes increasingly inclined to disputes, more hazards to the long-term preservation of wealth exist. Among other social realities, the high incidence of divorce and the ever-expanding theories of liability have increased exposure to financial risk for individuals, families and businesses.
At Dominick Feld Hyde, we help our clients avoid unforeseen financial risks by planning the access, control, management and ownership of individual, family and business assets to preserve the value of our clients’ assets and diminish the risk of creditor claims.
An asset protection plan includes one or more lawful transfers of assets and the creation of entities or other structures to hold assets, implemented for business and estate planning purposes but which reduces the ability of unforeseen future creditors to reach transferred assets. Further, the use of trusts as a part of estate planning can protect assets inherited by family members for many generations.
Legitimate asset protection planning doesn’t involve hiding assets, making secret agreements or creating fraudulent transfers. Asset protection planning combines sophisticated business planning and estate planning techniques that result in wealth preservation.
Another type of asset protection includes the use of prenuptial agreements. With a prenuptial agreement, couples can determine prior to their marriage how their assets will be divided in the event of death or divorce. Through the use of prenuptial agreements, an interest in a family business can be protected in the event of a subsequent divorce, and an individual’s assets can be preserved for, perhaps, children of a prior marriage. Postnuptial agreements, too, can be utilized for asset protection even subsequent to marriage.