The estate planning lawyers of Allen Barron, Inc. and Janathan L. Allen, APC do more than plan for the efficient distribution of your assets to beneficiaries. We also help protect those assets for you and your beneficiaries. With offices in San Diego and San Francisco, we represent clients throughout California.
Why Do I Need Asset Protection?
Without protection, the assets you built up over a lifetime can be lost to issues such as:
- Nursing home or long-term care
For your beneficiaries, an additional risk is the sudden responsibility of having a large sum of cash at their disposal. Think cars and motorcycles.
Keeping Your Assets As Safe As Possible
Our lawyers use a variety of techniques to keep your assets safe without exposing you to legal disputes with the IRS and California state tax authorities.
There are different ways to protect different kinds of assets. The limited liability company (LLC) is the entity of choice for protecting an asset that appreciates or produces income. When real property is held in an LLC, it confines liability to that asset for issues such as slip-and-fall accidents, which protects your other assets. By putting the members of the LLC in a living trust, you can gain a second layer of protection.
Some approaches, such as forming an LLC in a different state from where you live, could have consequences you never intended. If you create an LLC in California, that LLC is protected by California law. You would not have that protection if your LLC is located in another state.
Can I Protect My Assets With An Offshore Trust?
There are many misconceptions about offshore trusts, such as they will protect you from taxes or legal issues in the United States. Foreign trusts must be disclosed to the IRS, or you could face civil and criminal penalties. If you create an offshore trust to protect assets from legal trouble, you could be found in contempt of court.
Contact Us For Help With Asset Protection | The Consultation Is Free
Seeking an asset protection lawyer in San Diego, Los Angeles, Orange County or elsewhere in California? Contact us to schedule a free initial consultation.