DISCLAIMER

 

This newsletter is intended for informational purposes only, and is not intended to be used nor should it be relied on as legal advice.

      3.      LIFE INSURANCE. 

 

      Life insurance enjoys special protection from creditors if the death benefit is paid to the insured’s spouse, children, or dependent relative as designated beneficiaries.  Protection is also available from creditors of the beneficiaries.

 

PRESERVING A BUSINESS WITHIN THE FAMILY.  A great fear of many families with a closely held business is that a creditor may gain ownership of a family's member’s interest in the business.  To protect against this result, the business assets should be held inside a corporation, limited liability company, or limited partnership.  Buy-sell agreements can ensure that outsiders cannot force their way into ownership of any business assets.

 

 OFFSHORE PROTECTION TRUSTS.   For a client with substantial assets, trusts can be created in certain offshore jurisdictions that provide special asset protection.

 

ACTION PLAN:  Please contact us if you would like to discuss any questions you may have regarding your need for asset-protection planning, and the specific techniques that will allow you to achieve your goals.