Asset Protection

Planning for asset protection and wealth preservation is important and necessary for business owners, corporate officers, professionals and anyone with substantial property or income. Few situations are more difficult that being sued, even if the claim is frivolous. One can also be responsible for acts of an employee, partner, subcontractor or agent. Liability may arise from:

• Officer/Director Liability
• Contracts
• Employment Relationships
• Professional Malpractice
• Use of Automobile or Ownership of Real Estate
• Trusts and Estates
• Divorce

Bingham Mchale is prepared to advise you regarding protection of your assets through careful planning of your business and financial affairs, including insurance and risk management. The best time to evaluate risk and plan for asset protection is before any such claims arise. Arrangements involving insurance, domestic or offshore trusts, limited liability companies, and the use of statutory exemptions may be appropriate depending on your particular needs.

Planning of this sort does not mean hiding assets from creditors, the IRS or acts that constitute illegal behavior. Rather, the use of insurance and other legitimate methods customized to particular needs may reduce the likelihood of being sued and increase your ability to protect your assets if suit does occur.

Contact: Greg Duncan, gduncan@binghammchale.com