District of Columbia Asset Protection Attorneys
Washington DC Asset Protection
If your family wishes to legally protect or transfer financial assets in Washington DC, there are multiple options available to you. However, ensuring that each of these options is viable requires that you are receiving knowledgeable legal advice that is applicable to your specific DC asset protection situation. Antonoplos & Associates has been helping families complete asset transfers due to business debts, divorce, or lawsuits for over 20 years. As such, we can are able to asset clients in the District of Columbia, Maryland, and Virginia with their asset protection plans.
With years of experience, we can help guide your family through the complex legal issues associated with legally preserving, transferring, and protecting your earned or inherited wealth. We employ a multi-pronged approach. This approach aims at leveraging state exemptions, opting for the use of onshore and offshore trusts, designating trustees, and employing liability insurance or a family limited liability company. Many asset protection attorneys will direct you to use only one of these options. However, we combine these options to give you a personalized asset protection plan that is best suited to fit your needs.
Who Should Create an Asset Protection Plan
There are multiple reasons why someone would want to engage in an asset protection plan. There are three common reasons why an individual might need to use this plan:
Business Liabilities and Debts
If you own a business or an interest in a business, your personal assets could be at risk depending on the business formation you used. Thus, choosing the right business entity can help reduce the risk of personal liability. However, if you created a business and it has since grown or changed, it is a good idea to have additional layers of DC asset protection.
Divorce and Family Members
Property division in divorce actions can result in a substantial loss for one party. While pre or post-nuptial agreements can help protect property during a divorce, they may not cover enough of your assets or may be deemed invalid. Secondly, you may want to leave property to a family member yet they either have debts or are not responsible enough to control the property at this moment and time. Placing property you intend to leave these family members in a trust agreement can protect the property.
Negligence and Other Lawsuits
If a party sues you, your personal assets could be at risk if the other party receives a judgment against you. Asset planning strategies help protect property should a claim arise against you at some point in the future. As such, employing the best District of Columbia asset protection attorneys is vital to your case.
While these are the most common reasons why you would need to consult a DC asset protection attorney, there are other scenarios where you may need assistance. Thus, no matter the reason, creating and executing a plan now can protect you and your family's financial future.
The most commonly used asset protection plans include:
- Offshore trusts
- Life insurance trusts
- Irrevocable trusts
- Annual giving
- Charitable giving
- Family limited partnerships
- Marriage planning
- Wealth protection
- Wealth transfer
- Medicaid planning
- Protecting assets from creditors
- Guardianships and Conservatorships
Implement an Asset Protection Plan Before a Claim Arises
Asset protection planning is not at the top of most people’s legal lists and as such this process can be unwisely overlooked. As our society becomes more litigious, now more than ever it is important that you create an asset protection plan. At any point, you could be sued or want to gift property to another individual under a trust. If you were to be sued, it may be too late to transfer your assets. A trust or other options available to you will take time to create and come into effect. Thus, it is best to develop a strategy for protecting your assets now before a claim arises.
Liability Insurance is Not Sufficient to Protect all of Your Assets
While it is always wise to invest in liability insurance, this insurance is not sufficient for your DC asset protection. Though state laws require drivers and property owners to carry liability insurance, this insurance is not sufficient for asset protection. For example, you could be engaged in a personal lawsuit or a credit collection claim against your business. Depending on how expensive these claims are, your liability insurance might not cover all of the expenses as you will likely have a coverage cap on your policy. As such, your personal property could be at risk. Therefore, an asset protection plan should be used in conjunction with your liability insurance coverage. By employing both of these safeguards, you increase the level of asset protection for your property. Furthermore, your family’s finances will not be in danger of being taken away.
Contact our DC Law Office
For more information concerning our District of Columbia asset protection attorneys, contact our office at 202-803-5676. You can also directly schedule a consultation with one of our experienced asset protection attorneys.