Today, anyone can sue anyone for any reason and they don’t have to prove why. Nearly $300 billion in lawsuits filed each year in our country proves that Americans believe in the “right to sue.” Our predatory and lawsuit crazy environment puts everyone with significant assets (or “deep pockets”) at risk. Many of us know how to make money, but few know how to protect it! Living trusts and other estate planning tools are critical, but they are NOT intended to protect your assets from lawsuits.
Phelps Law has attorneys who used to be civil litigators. Having been on the other side of the tracks gives us the real life, “end of the road” perspective that is so valuable when designing asset protection structures for our clients. We understand the risks and how to legally protect your hard-earned assets from the surprises life brings.
Over the years, our asset protection plans have benefited the following types of clients:
- Real estate professionals
- Clients with rental properties
- Physicians, dentists and other professionals in high-risk industries
- Business owners
More is Not Necessarily Better …
Usually, more protection also means more complexity. When it comes to asset protection planning, if it sounds too good to be true, it probably is. But we understand that an asset protection plan that is overly complex will do you little good because it becomes too cumbersome to manage on a day-to-day basis. The worst thing we can do for you is burden your life with countless entities, tax returns, bank accounts and paperwork that will frustrate you and cause you to eventually give up on the plan.
That’s why we go to great lengths to strike the right balance for you, always favoring our rule that simple is better for most people. An asset protection plan is not one size fits all – it is based on your individual tolerance for risk, cost and complexity. Our job is to help you strike the right balance during the design phase, and then do lots of education and “hand-holding” during the implementation phase to make sure the plan will hold up when it counts.
Asset Protection Should be Integrated With Your Overall Estate and Tax Planning
It is important to keep your eye on the big picture when doing asset protection planning. Our planning fits seamlessly with your estate and tax planning. The truth is, a well-designed asset protection plan is also going to be a powerful vehicle to save you and your loved ones income, estate and gift taxes.
The attorneys at Phelps Law have accounting and advanced tax degrees so we are perfectly capable of working closely as a team with your CPA and other advisors to make sure your plan provides you with the most benefit possible … even if you never get sued!
Asset Protection Planning Must Be Done When the “Sky is Clear”
It is important to put your asset protection plan in place before there is trouble on the horizon, not after you are about to get sued. We tell our clients that asset protection planning is like a fine wine … it only gets better with age! Think of asset protection as a form of insurance – buy it before you need it.
Commit to your financial self-defense program today and protect your assets before you are in a tough spot.
Some of the asset protection services we provide at Phelps Law include:
- Asset Protection Plan Design and Diagramming
- Arizona, Nevada and Delaware LLCs
- Limited Liability Companies (LLC)
- Limited Liability Limited Partnerships (LLLP)
- Irrevocable Trusts
- Beneficiary Trusts
- Family Holding Companies
- Management Companies
- Commercial and Residential Rental Property Companies
- Personal Residence Limited Liability Companies
- Real Property Liens and Equity Stripping