How to Use A Limited Liability Company for Asset Protection Planning
When consulting with your estate planning lawyer about putting together an LLC for tax and business purposes, one of the most common reasons for doing so is asset protect. A major goal of asset protection planning is to move assets into a strategic tool, such as a trust, to eliminate or reduce any exposure to liabilities.
This has to do with protecting the individual from liability overall, financially and with their estate plan. Special care must be given to transfers that are done for the purposes of avoiding creditors. Some of these could be classified as fraudulent if you don’t have an experienced asset protection planning attorney to help you.
A practitioner in the field of asset protection planning law is in a strong position to help identify the asset protection planning strategies necessary and to recommend implementation methods.