I am looking for good asset protection strategies. May cite family partnerships, LLCs, etc...Does anyone know of a solid

Asked over 3 years ago - Huntington Beach, CA

advisor in this arena? I have met with CPAs, trust attorneys, and not clear on how solid some of these strategies are and how much reporting work is involved.

Additional information

I do consulting business which could be a source of professional liability. I have real estate, investment portfolios (housed in a revocable trust), a home plus a vacation home. My concern is how litigous the world has become and I am a generous person, always sharing my property freely with friends/relatives. I am also currently enrolled in Hyatt Legal Prepaid plan and would be able to use that for the advise.

Attorney answers (2)

  1. Breanna Catherine Slattery

    Contributor Level 9

    Answered . The type of asset protection structure you use depends on the type of assets that you currently have, what type of protection you are looking for, and the level of comfort you have with each type of structure.

    Family limited partnerships, limited liability companies, irrevocable trusts, overseas trust/entities, etc. all provide different levels of protection, ease of use, and reporting work to the government.

    I have been actively involved in asset protection planning for over 10 years and would welcome the opportunity to sit down and discuss your specific situation. With the limited information you have provided today, no one on Avvo would be able to tell you which asset protection structure would work best for you.

    Disclaimer: This answer does not constitute legal advice, nor does it create an attorney-client relationship. You... more
  2. Brian S Wayson

    Contributor Level 19

    Answered . You need professional liability insurance and likely an add-on liability policy if you have significant assets and your state's mandatory liability insurance coverage is significantly less than your assets. If you are married and most of the assets were accrued during the marriage and while in California, you likely will have limited ability to protect them from a divorcing spouse.

    I would not rely on a pre-paid legal plan to save your bacon if you have significant assets, you may need to invest the time and expense to meet with qualified CPA, CFP, Family Law attorney, Tax Attorney, Estate Attorney, etc.

    Disclaimer Information on this site is provided by Brian Scott Wayson as general information, not legal advice,... more

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