In today's economic and legal environment, it is important for clients engaged in any type of business or investment activities to ensure that their assets are properly protected from potential liabilities and losses. We work closely with our clients to understand their entire financial situation, help them assess their risks and develop plans and tools to assist them in protecting their assets.
These techniques include: 1) availing our clients of the general exemptions under Florida law which include among other things, tenancy by the entireties ownership, wage exemptions and the use of annuities and life insurance; 2) the use of limited liability companies and partnerships; 3) homestead planning; 4) the use of retirement plans and 529 plans; 5) the use of irrevocable trusts including defective grantor trusts and asset protection trusts; and 6) consideration of offshore protection planning when appropriate. Any discussion about creditor protection planning should also focus on the ownership and titling of assets including vehicles and also a review of insurance coverages including umbrella coverage.
Astute clients often recognize the need for asset protection planning to safeguard wealth, however, many may not be aware of the significance of developing such a plan in concert with tax, inheritance, philanthropic, and estate planning concerns. When formulated as a cohesive strategy, a well conceived plan can ensure that assets remain in proper control and that the benefits are provided to the desired recipients.
Band Law Group proudly serves individuals, families, and businesses of all sizes in Southwest Florida. We encourage prospective clients, or their professional advisors and brokers, to contact us for a preliminary consultation to discuss the development and implementation of an effective asset protection plan.