Asset Protection Planning
You have probably spent many years building up a successful business and acquiring the wealth that you now enjoy, but how much time have you spent considering ways to protect your hard-earned assets? An estate planning attorney can develop a strategy for your situation. Nashville asset protection planning lawyer Randy Ratliff can evaluate ways that your wealth may be vulnerable and help you do everything within the bounds of the law to protect that which is yours.
We begin with an analysis of your current assets, both business and personal. These include real estate, fixtures, personal property, bank accounts, investments, accounts receivable, and other assets. Then, we review your current liabilities, including both personal and business creditors. Next comes an evaluation of the weak areas in your current asset protection plan. Traditional asset protection planning may include several different types of insurance, such as a homeowner insuring their residence against fire or a doctor insuring against a medical malpractice claim. While insurance may go a long way toward protecting certain assets and satisfying a judgment in the event of a liability claim, many individuals and businesses are woefully underinsured. Generally speaking, purchasing higher limit liability insurance may be a great value and go a long way in the event of a slip and fall accident, a motor vehicle collision, or an accusation of an act of professional malpractice.Protecting Your Property Through Effective Asset Protection Planning
In addition to reviewing a business or individual’s insurance coverage, our firm can help a business form legal entities, such as limited liability companies, corporations, limited liability partnerships, and professional limited liability companies. Trusts may also be an option in some situations. Through these various vehicles, a business owner may be able to shield their personal assets from business debts and liabilities. However, corporate formalities must be observed, and legal requirements (such as the filing on an annual statement) must be current. Even then, a creditor may be able to “pierce the corporate veil” in some cases, and any personal assets that a business owner pledged as collateral for a business loan are still subject to execution in the event of a judgment following the default of the loan.
The asset protection planning attorney at our Nashville firm recognizes that each client’s situation is unique. What works for one business may not be practical for another. Together with your tax advisor and other professionals, our firm can help an individual or business develop an effective asset protection plan. We can also discuss related matters, such as estate planning (wills, health care proxies, powers of attorney, and revocable or irrevocable trusts), Medicaid planning, business succession planning, special needs trusts or guardianships, probate and trust administration, and advance tax planning.
Timing is very important when it comes to the protection of assets. Insurance companies only protect clients from future losses, rather than an accident that happened yesterday, last week, or six months ago. Other forms of asset protection, such as the formation of certain legal entities, are also largely ineffective against a liability that has already been incurred. When time is of the essence, the wise course of action is to consult with an appropriate professional before an otherwise life-altering event changes the future of your business or your family, taking away much of your wealth in the blink of an eye.Contact a Nashville Lawyer for Your Asset Protection Planning Needs
As the saying goes, “Failing to plan means planning to fail.” Unfortunately, a business owner who does not take into consideration the possibility of being on the losing end of a lawsuit or another situation that could result in a large financial obligation is playing a very risky game. A lifetime’s work might be taken away by an employee’s split-second decision while making deliveries or a seemingly innocuous fall in the parking lot of a place of business. To talk to a skillful Nashville asset protection planning attorney, call the Randy Ratliff Law Offices, PLLC, at 615-656-8282 or contact us online. We serve all of Davidson and Williamson Counties, including people in Cool Springs, Antioch, Hermitage, Brentwood, Madison, Goodlettsville, Joelton, and Franklin. Our firm also can assist people who need a business succession planning lawyer or guidance in other estate planning matters.