Estate Planning - Asset Protection Planning
Defining my practice
I am an estate and business planning attorney and have been identifying myself that way for some years now. Strange it is that I would just now recognize that a few people don?t know what I mean. Some think I am a commercial business litigator, some that I help people prepare business plans for financial institutions and others that tell me they never knew I worked with business entities.
I obviously need to give some definition to my definition. I am planning to modify my website along these lines as well. ?Stay tuned for that.
The best way to draw the distinction is to describe business planning as the structuring of one?s investments in a way to best protect those investments from the claims of unknown predators and creditors.?
It is technically asset protection that we?re talking about. It involves the judicious use of limited liability companies, trusts, insurance, corporations (both S and C), and the contractual relationships between them.
That?s a mouthful and to a knowledgeable person this asset protection idea sounds a lot like estate planning. To those who consider estate planning only the distribution of assets at one?s death, there's a big difference.?
To those who understand that one of the major definitions of estate planning is the planned utilization of one?s assets for a person?s lifetime and then for some time thereafter, estate and business planning are pretty much the same.
The asset protection client, the business planning client, typically includes: the person who might own some rental properties; or some investment accounts; or a business that has assets including inventory, or equipment; who owns even an interest in a business; a rancher or farmer -- nearly anyone that has assets.
In other words, anyone who owns something or some things that his or her creditor might want to grab.?
Structuring the ownership of those ?things? to legally avoid Mr. Creditor ?is asset protection planning. It's what I have meant when I refer to business planning.?
Source: http://stevegammill.blogspot.com/2013/02/estate-planning-asset-protection.html
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