Asset Protection is About Leveling the Litigation Playing Field
Last year over 20 million lawsuits were filed in the United States, many of which were frivolous, brought simply for their nuisance value or settled for sums far exceeding the actual liability.
High net-worth individuals, business owners, professionals and property owners in particular should be aware of the risk associated with conducting their business, practicing in their respective profession, and certainly taking responsibility for others.
The fact is that the risk of potential liability has been steadily increasing over the past few decades with no foreseeable decline. As such, assets can be at risk due to any number of factors, including:
- Personal liability of corporate officers and directors;
- Business dealings;
- Third party liability;
- Personal injury claims;
- Liability as guarantor for the debts of another; or
- Simply perceived liability.
The fear of litigation is reduced or even eliminated for our clients because of the asset protections structures put in place. The best asset protection is about having the tools to face any potential liability.
We represent professionals, business owners, property owners, and other clients in order to protect their assets against potential litigation, judgments, liens, and fraud.
Insurance has a policy limit and alone does not always adequately protect against all of these threats. The best asset protection structures have no policy limit. We help clients protect their wealth using a variety of strategies and structures proven to keep creditors at bay.
Assets Protected from All Threats and Creditors
At the Chhokar Law Group we believe in assisting clients to arrange their finances, real property and other assets in a manner that minimizes their exposure to all threats. We embrace all aspects of family, life and wealth planning so that our clients are able to enjoy the highest level of confidence in terms of the security for their accumulated assets.
Anyone who initiates litigation against a person who has placed his or her assets into a properly designed and maintained asset protection structure will find that there are very few collectible assets actually owned by the person they wish to sue. Assets owned by a properly structured trust, foundation, or other entity generally are not subject to claims against their beneficiaries. In addition, placing assets into an asset protection entity may have the additional benefit of removing those assets from a person’s taxable estate.
We know how to evaluate current client holdings and work with our clients to identify the best ways to legally protect those holdings from any threat.
Since no two clients are the same, one size does not fit all in regard to asset protection planning. As such, we take the time to create customized solutions for each specific case which often include:
- Domestic Asset Protection Trusts;
- Offshore Asset Protection Trusts;
- Domestic and Offshore Business Entity Formations; and
- Maximizing all Federal and State Asset Protections.
The exact strategies employed may vary depending on the client, the nature of the assets, the country of origin as well as the tax regulations that apply to those assets. The ultimate goal is to protect the status of current assets in a manner that is effective, legal and ethical.
© 2019 CHHOKAR LAW GROUP, P.C. All Rights Reserved