Asset Protection is essential to maintaining wealth. As anyone with a career, a family, property, or a good reputation can tell you, the most important part of achieving success is protecting it and holding onto it. At Waserstein & Nunez, we know how to protect the most important assets in your life – and we know the things that can threaten them most.
When it comes to Asset Protection and maintaining, protecting, and increasing your wealth, there are some liabilities that often affect your assets. Since some assets can be claimed by others, you will want to divide them from your personal assets. There are the 3 greatest liabilities to Asset Protection:
- Your Profession. Since others may be able to claim (or bring cases against) your business assets, it is best to separate them from your personal assets. You don’t want to leave your business assets, which are vulnerable, in the same account as your personal assets, which are not.
- Your Car, Boat, or Vehicle. Your beloved vehicle is technically considered a “dangerous asset” – meaning that they can be exposed to liability. If your car is involved in an accident, you want your vehicle assets in a different account than your personal assets.
- Your Spouse. A great way to define and protect your assets is to hold them separately from those of any other people – including your spouse. This would also help protect your assets in the event of a divorce.
When it comes to those asset liabilities, “divide and conquer” is your best plan of attack. When it comes to your Asset Protection strategies, “old and cold” is the general rule that the IRS follows. If you have an Asset Protection transaction that occurred more than two years ago, the IRS will generally not pursue the matter. It’s better to set up your Asset Protection strategies earlier rather than later in order to beat any fraudulent conveyance claims.
Here are some of the most common Asset Protection strategies that we can help you with at Waserstein & Nunez:
- Homestead
- Annuity
- Life Insurance
- Tenants By the Entirety
- Multi-Member Limited Liability Company
- Prenuptial Agreement
- Postnuptial Agreement
- Irrevocable Trusts
- And Much More!
When it comes to Asset Protection, you don’t want to wait to protect what is rightfully yours. The longer you wait, the more vulnerable you leave things. You’ve worked hard to create wealth – so why are you leaving it up to chance? To get started on your Asset Protection journey, contact Waserstein & Nunez today! We provide real-world solutions to real-world problems.
Waserstein & Nunez, PLLC
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