EXPERIENCED ASSET PROTECTION LAW FIRM IN ROUND ROCK, TX AND THE Surrounding Areas

When you have a successful business or are employed in a highly litigious industry such as the medical field, construction, or professional services, you’re looked at as potential target for lawsuits. Asset protection is about preparing for the possibility of a lawsuit so that when it occurs, the plaintiff suing you would find it very difficult to take control over your property. This sometimes requires structuring your assets in ways where you no longer own the property but retain access to it for your personal use. This often takes a sophisticated and complex approach, and it’s critical that only an experienced asset protection attorney assists with this process.

ASSET PROTECTION STRUCTURES

There’s no such thing as an impenetrable asset protection plan or a guarantee that someone won’t receive a judgment on your property. There is, however, a huge difference between a party being awarded a judgment against you and that party being able to enforce that judgement and take control over your assets. There are two main goals when creating an asset protection plan: (1) avoid a lawsuit in the first place or (2) encourage quick settlement by making it so difficult and expensive for parties to sue you, they want out before they even get started. Dawson Law LLP® can help structure your assets in ways where someone suing you for control over your property would need to spend an unreasonable amount of time and money to do so.

There is no “one-size-fits-all” plan, and most asset protection plans require a combination of trusts and other  structures. Many people believe that simply forming a limited liability company (LLC) will automatically protect their assets, but this is usually far from true. The following are some of the asset protection vehicles used by Dawson Law LLP®:
1. Domestic Asset Protection Trusts (DAPT)
2. Special Power of Appointment Trusts (SPAT)
3. Spousal Lifetime Access Trust (SLAT)
4. Irrevocable Life Insurance Trusts (ILIT)
5. Irrevocable Gifting Trusts
6. Qualified Personal Residence Trusts (QPRT)
7. Equity Stripping
8. Limited Liability Companies (LLC)
9. Family Limited Partnership (FLP)
10. Life Insurance and Annuities*
11. Maximization of state and federally protected property

*Dawson Law LLP® is not an insurance broker and does not sell or solicit insurance products.

Timing is EVERYTHING:

ASSET PROTECTION PLANNING MUST BE PROACTIVE, NEVER REACTIVE.

Unfortunately, it’s usually too late when the office phone rings—something already happened and the person on the other end of the line is frantically trying to protect his or her assets. In nearly every instance, your asset protection plan must be implemented before you’re sued or before the event giving rise to a potential lawsuit occurred. Asset protection done after either of these two events would likely be used against you under a fraudulent transfer argument, and any protections you believed to have would likely be set aside and unwound. For example, let’s say you’re a physician and you’ve been sued by a current or former patient alleging that you committed malpractice, and by doing so caused this patient significant harm and you’ve been threatened with a lawsuit. Asset protection planning done after this event would likely afford you little, if any, protection. In contrast, if you had well drafted plan implemented by Dawson Law LLP®, your situation could look very different. Having a proper asset protection plan isn’t just about protecting your assets, it’s about helping to remove fear, minimize leverage the opposing party may have, and cause as little disturbance to your standard of living as possible.

EXPERIENCED TEXAS ASSET PROTECTION LAW FIRM

If you’re interested in protecting your assets, contact Dawson Law LLP® at (512) 649-5010
or by email at info@dawson.law

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Wealthy individuals and business owners face special challenges when it comes to protecting and passing on their assets to heirs.

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Dawson Law LLP® is experienced with assisting families create an effective and
focused special needs estate plan.

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Probating can be complex, and Dawson Law LLP® can help guide you this process
to help ensure an efficient administration of the estate.

FREE 30 MINUTE CONSULTATION TO DISCUSS YOUR INDIVIDUAL NEEDS. CLICK BELOW TO SCHEDULE YOUR APPOINTMENT. TO FIRST HELP CONSIDER WHETHER DAWSON LAW LLP® IS A GOOD FIT, PLEASE REVIEW THE FIRM’S PRICING PAGE.
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