Business owners and high net worth individuals employ asset protection strategies to shield wealth from creditors, provide leverage to negotiate favorable creditor settlements and avoid harmful lawsuits in today's increasingly litigious society. We highly recommend proactive planning to heed off lawsuits.
Asset protection planning enables you to use legal techniques to prevent a creditor from seizing your assets and income. Your degree of exposure to risk of liability, the type of assets you own, your income, and your total net worth are essential factors to consider when developing an asset protection strategy. Proper asset protection planning requires tailoring a plan to client-specific needs.
We can help you devise the best possible asset protection plan by carefully evaluating your relevant information and goals. Our techniques are carefully formulated to lawfully shelter our client's assets and income from potential creditors. Our techniques do not involve "hiding" assets or making illegal transfers to defraud creditors, and our techniques are significantly more complicated than simply advising our clients to put all their assets into a limited liability company.
Most of our asset protection plans involve multiple entities that provide our clients with layers of trusts, partnerships and limited liability companies. In certain limited circumstances our asset protection plans utilize foreign asset protection trusts and foreign limited liability companies. Legal asset protection shields your income and assets from potential future judgment creditors.
Tax Aspects of Family Law
Dissolution of marriage, or divorce, is one of the most traumatic experiences in life. Through this trying time, most individuals neglect the tax consequences of divorce. Where the children reside, amount of spousal support and allocation of attorney’s fees all play a role.
Other tax aspects of a divorce include the timing of the division of real property, pension and employee benefit plans, business assets, securities, and marital and business debts. You could save a considerable amount of money, and possibly bolster your position, with the proper strategy. The coordination of tax and family law can provide efficient resolution to your matters.
Tax Planning for Individuals and Businesses
We can assist you in minimizing the impact of individual federal and state income tax liability by properly establishing a subchapter C and S corporation, properly structuring international inbound and outbound transactions, via taxation of pass-through entities, such as partnerships and limited liability companies, and assisting you with comprehensive estate planning.
We also offer our clients advice on complex issues associated with captive insurance companies, multi-jurisdictional beneficiary trusts and corporate regulatory matters.
Recent tax-planning matters have included the following:
- Advised several citizens, residing in foreign countries, of United States tax implications.
- Sought and obtained an IRS private letter ruling for the former President of a prominent Silicon Valley pharmaceutical corporation.
- Analyzed a corporation’s associated captive insurance plan, and rendered tax advice concerning the corporation’s tax treatment.
- Advised a medium-sized state municipality regarding its compensation structure and employee benefits plan.
- Advised a multi-million dollar corporation regarding the implementation of tax-free restructuring, spin-off and reorganization plans.
- Advised a corporation, and its counsel, on how to mitigate its subsidiary’s multi-million dollar tax liability.
- Rendered a tax opinion on how to mitigate a large tax liability associated with multi-jurisdictional trusts.
- Successfully advised a corporate executive officer regarding stock options and tax alternatives.