If your success has resulted in some level of wealth, Virginia Legal Associates, PLLC can help you develop strategies to protect your business and family assets from creditors, predators and lawsuits. Our goal is always to create a specific plan that meets your unique needs.
With all the litigation these days, the possibility that someone may take your assets away from you or your children is ever increasing. Without protection, divorce, lawsuits, or creditors could claim all or a portion of your assets. Asset protection planning will ensure your assets are protected in the hands of your beneficiaries from their potential creditors, divorce, or judgments, and even from themselves. However, this protection has to be set up in advance to work
If you’re contemplating leaving your children’s inheritance to them outright, consider the possibility that your children may:
Inherit the money too young and foolishly handle it
Get divorced and lose half their inheritance to an ex-spouse
Start a business, that fails, ends in bankruptcy, and lose their inheritance
Be involved in a serious accident which puts their inheritance at risk
Require nursing home care that eats up their inheritance
How you leave your property to your children determines how much asset protection they will have. This may be especially important if your children are doctors, dentists, lawyers, accountants, landlords, or business owners, as these professions are more susceptible to lawsuits because they are taking on a responsibility for others. It is equally a sensitive concern if your children have bad spending habits, a history of substance abuse, or have a string of bad marriages.
We help clients protect all the assets they pass down to their children so their children will be protected from divorcing spouses, creditors, lawsuits, etc. Insurance alone does not always adequately protect against all of these threats. We help clients protect their wealth using a variety of strategies including the use of special trusts, business entities and other legal arrangements. The goal is to protect your assets in a manner that is effective, legal, and ethical. It is a tremendous gift to your beneficiaries and one that passes your care and values to them in a meaningful way. This is one of the most sought after reasons why our clients utilize our planning solutions.