Meurer Law Offices, Denver, Colorado
In today’s litigious society, it’s important to have an Asset Protection Plan. At the Meurer Law Offices in Denver, we know this is particularly true if you operate your own business or work in one of many high-risk professions. As you accumulate wealth, you become the target of creditors and predators. However, the right plan can preserve your wealth and protect your family. Our attorneys are here to help.
Asset protection should be comprehensive. There’s no point protecting one area while leaving another vulnerable. Let us help you create a 360-degree strategy built like Fort Knox. Here are six ways that the Meurer Law Offices can help you with asset protection:
- Insurance: It is important to have adequate liability insurance policy to protect your assets. State minimums are rarely, if ever sufficient. In addition to increasing limits, it is also imperative to have an umbrella policy that covers any shortfall in your limits.
- A pre- or post-nuptial agreement: This can be an effective tool for transferring assets between spouses. With it, you can place a high-risk asset (medical clinic) into the name of the practicing spouse. Then transfer the family home, vehicles, education funds, household goods and other assets into the name of the non-practicing spouse. Now, if there’s a medical malpractice lawsuit, it may result in the loss of the clinic, all other assets of the family will remain untouched.
- Properly leveraging existing state exemptions: In the event of a claim, current Colorado asset protection laws state that a person is allowed to keep: $60,000 equity in their home ($90,000 if over 60 years of age), $5,000 equity in a vehicle ($10,000 if married) $3,000 of household goods, $2,000 for jewelry and watches, $1,500 for clothing, etc. By properly classifying your assets and not becoming heavily weighted in one area of classification, you can maximize your exemptions in the event of an asset attack.
- Family Limited Liability Companies (LLCs) and Family Limited Partnerships (FLPs): These can be a shield from creditors if structured properly. In addition to creditor protection, an FLP or LLC can also save your family up to 50% in estate and gift taxes. LLCs created in the state of Nevada have additional protections and are often utilized to maximize asset protection.
- Nevada Asset Protection Trusts/Domestic Asset Protection Trusts: These are an ideal solution as your net worth increases and as your liabilities increase. Nevada has special rules relative to a creditor’s ability to charge against a membership and partnership interest.
- Offshore Trust: Tax evasion? No, our offices would never engage in such an activity. Despite its negative connotations, a legitimate offshore trust can often be used in difficult asset protection cases. It provides no tax advantages, but can be an excellent tool for safeguarding
We know that the more you have, the more you have to lose. That’s why our attorneys at the Meurer Law Offices in Denver work relentlessly to provide our clients with proven asset protection strategies. Speak with us today and let’s get started on creating a plan that works for your unique circumstances.
Call or contact our offices today to schedule your free consultation: 303-991-3544