Asset Protection Planning
"Asset Protection Planning" means different things to different people. At Weisman, Young & Ruemenapp, P.C. we define Asset Protection Planning to mean a deliberate effort to initiate programs and strategies geared to protect one's assets against the claims of existing and prospective creditors.
We have actively engaged in Asset Protection Planning for over 30 years. We were advising professionals, particularly doctors, as early as the 1980's on how to structure the holding of their assets to minimize the potentially devastating effects of a malpractice judgment. We created some of the earliest Cook Island offshore asset protection trusts and have continually assisted in establishing or advising with respect to trusts in the Cayman Islands, Turks & Caicos, Grenada and Belize among other jurisdictions.
In recent years many of our clients have established domestic asset protection trusts in out-of-state jurisdictions, including Delaware. These are trusts that contain specific asset protection provisions which are now permitted by the law of the particular jurisdiction. Indeed, some 11 states have adopted legislation to permit self-settled spendthrift trusts and this provides an excellent opportunity for persons concerned about protecting their assets. All of this has occurred since 1996 and we have closely followed the developments in those jurisdictions.
In counseling clients about asset protection planning experience is key. It is critical that any attorney advising clients has a thorough grasp of the provisions of the Fraudulent Transfer Act, including its history and background, in order to properly evaluate whether the implementation of a proposed strategy will violate the Act. Many attorneys shy away from distressed clients. We pride ourselves on being able to help not only the client who has no pending claims or contingent liabilities but also the client who finds himself in severe financial distress with creditors breathing down his neck.
Because of our knowledge and experience with representing business clients, financing and workouts, as well as estate planning, we are uniquely situated to use this background to craft a plan that works for the individual client. No two clients are the same and particularly in the asset protection planning area, it is necessary to evaluate the facts and circumstances of each individual client and construct a program that will work for that client.
Please contact Weisman, Young & Ruemenapp, P.C. at 248.258.2700 for additional information and to discuss how our asset protection planning attorneys may assist you in meeting your specific needs and objectives. Whether you are facing pressure from current creditors, or have concerns about potential identified or unidentified future creditors, let the attorneys at Weisman, Young & Ruemenapp, P.C. evaluate your situation and craft a plan that will provide you with the best possible protection available.