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Asset Protection and Estate Planning


If you own rental property, investment real estate, or business assets you should strongly consider ... McKenna is a local attorney serving clients in Nevada, Arizona and Utah. He is a shareholder at the law firm of Barney McKenna Olmstead & Pack, with ...


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Jeffrey JMcKenna By doing estate planning, you can often increase your asset protectionThe key to effective asset protection is to structure your affairs in order to minimize exposure to potential lawsuitsIf steps are taken to manipulate assets after a threatened claim, there can be problems with fraudulent conveyance lawsFraudulent conveyances include anythingdone to hinder, defraud or delay a creditorSo, if you know a claim is on the horizon, you should not transfer or move assets in an effort to keep them from your potential creditorsIf you do, that transfer can potentially be undone. This article gives a few techniques that are important when emphasizing asset protection. InsuranceIt is crucial to review insurance coverage to be certain that it is adequatePersonal liability umbrellas are relatively inexpensive and are a must. Business EntityIf you own rental property, investment real estate, or business assets you should strongly consider forming a business entity such as a corporation (either an S Corporation or C Corporation) or limited liability companyBy forming a business entity, you can shield your personal assets from claims. This is especially important if you have employeesWithout a business entity to separate your business affairs and your personal assets, your personal assets would be subject to claims resulting from misdeeds of your employees. Separation of AssetsAn important form of asset protection and estate planning is the separation of assets between spouses. Often, it is advisable for one spouse to own the business interests and the other spouse to own the assets which are less subject to potential creditorsIf something does go wrong for the spouse involved in the business, the assets owned by the other spouse should be protectedCommunity property laws play a role in this arena, but spouses can disclaim a community property interest as necessary to help in asset protection. Exempt AssetsAn important form of asset protection is to own assets that are exempt from creditors’ claimsSignificantly, personal residences, qualified retirement plans, life insurance and annuities can be exempt from creditor claims. ConclusionBecause most individuals want to protect their assets, it is important to coordinate asset protection efforts with estate planningBy coordinating these efforts, the family’s assets will be better protected from creditors, and estate taxation of the assets can be minimized. Jeffery JMcKenna is a local attorney serving clients in Nevada, Arizona and UtahHe is a shareholder at the law firm of Barney McKenna Olmstead & Pack, with offices in Mesquite and StGeorgeYou can contact him at (702)346-1615 or jmckenna@barney-mckenna.com. --> Filed Under: Valley Life Leave a Reply Cancel reply Your email address will not be publishedRequired fields are marked *Comment Name * Email * Website If this tag is to be placed on an SSL page, change the * 'http://ruralbusinessjournal.com/mvprogress/mvads/www/delivery/...' * to * 'https://ruralbusinessjournal.com/mvprogress/mvads/www/delivery/...' * * This noscript section of this tag only shows image bannersThere * is no width or height in these banners, so if you want these tags to * allocate space for the ad before it shows, you will need to add this * information to the tag. * * If you do not want to deal with the intricities of the noscript * section, delete the tag (from ..to )On * average, the noscript tag is called from less than 1% of internet * users. */--> "); 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