Protection of assets and their transfer to future generations is one of the important financial activities you will undertake during your lifetime.
Because asset protection planning generally does not stand alone, but rather is a part of an overall wealth management plan, you will benefit from considering asset protection trusts and entity planning to preserve your wealth.
Some potential sources of liability for a client are liability from owning real property, divorce, automobile liability, negligence, liability from agents and employees, liability as an officer or director, and professional malpractice liability.
Trust and entity planning have been used for many years to shield assets from potential creditors, while preserving assets for use of beneficiaries. Historically, asset protection trusts or entities have been formed in offshore jurisdictions such as the Cook Islands and various Caribbean nations. In a time of unprecedented litigation, domestic trusts and entities are gaining favor today in such jurisdictions as Alaska, Delaware, Nevada, Tennessee and Utah.
Davies Law has worked with individuals and closely-held businesses in North and South Carolina for over a decade, assisting them with their tax and wealth planning needs. Contact Davies Law, PLLC for an initial consultation. Our phone number is (704) 295-1001. Alternatively, you may contact us via email from our secure and private contact form.