Asset Protection Planning
Property ownership, business interests, and professional responsibilities bring distinct risks. Coordinated entity and trust planning can help separate certain liabilities and provide a more protective framework for the inheritance you leave to the next generation.
Protection varies by asset, ownership structure, and claim, and no structure guarantees it. A revocable living trust does not shield your assets from your own creditors, and an entity does not eliminate liability for your own professional negligence.
Strategies
Ways we put this into practice
- An LLC for your rental property Why the operating agreement, daily practices, the deed transfer and your living trust must work together.
- Family limited partnerships Shared management, gradual gifts to children and orderly succession for family real estate, businesses and investments, with defined limits.
- Domestic Asset Protection Trusts & Inheritor’s Trusts A trust for yourself, or a trust for your children: how they differ, with two illustrated examples.
- Irrevocable & Dynasty Trusts ILITs and dynasty trusts that hold wealth for children and grandchildren on your terms.
At a glance
Tools and who they suit
Common tools
- LLCs for rental and investment properties
- Family limited partnerships (FLPs)
- Protective trust provisions for heirs
A good fit for
- Landlords and real estate investors
- Physicians, dentists and other medical professionals
- Owners of medical and dental practices
Begin
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