Asset Protection Planning

Asset Protection Planning is a complex area. We offer extensive services in this area.

Step One – Diagnosis

The first step is to diagnose what the issue(s) may be and to elucidate the clients’ concerns. This step also includes an ‘audit,’ whereby we review current assets and liabilities; insurance policies; how assets are currently titled and other relevant factors. Once we understand the scope of the issues, concerns and assets, we move to the next phase.

Step Two – Design Options

In the second step, we create a menu of options for clients to consider that addresses their concerns.  These options vary widely based on the nature and size of the assets, the clients’ tolerance for risk, tax considerations, transaction costs and, of course, requirements for legal compliance.

Asset protection plans can vary greatly. They can include, on the simple end, increased insurance coverage. More complex solutions might include a Domestic Asset Protection Trust or Offshore Asset Protection Trust. Often, the design will include entities such as a limited liability company or partnership, which would then hold sheltered assets. Care is taken along the way to ensure legal compliance.

With each option, we will estimate the costs associated not only with implementation but also maintenance.

Step Three – Implementation and Maintenance

Once the client and attorney have agreed upon the options to pursue, we implement the plan by drafting the appropriate documents, setting up the entities and transferring the assets. Again, this can be a simple or complex process, depending on a variety of factors including tax considerations.

For more information or assistance, please contact us at (617) 716-0300 or info@squillace-law.com.