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 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.
EXPERIENCED TEXAS ASSET PROTECTION LAW FIRM
Wealthy individuals and business owners face special challenges when it comes to protecting and passing on their assets to heirs.
Dawson Law LLP® is experienced with assisting families create an effective and
focused special needs estate plan.