An asset protection attorney is a legal professional specializing in assisting clients to arrange their finances, property, and other assets in a manner that minimizes the chance for taxation and other issues to develop. A competent asset protection lawyer will be well-versed in establishing trusts, determining insurance needs, creating last wills and testaments, and organizing investments so that the client is able to enjoy the highest level of efficiency when it comes to estate planning and management.
Lawyers with expertise in the process of assess protection know how to evaluate the current holdings of the client and identify the best ways to protect those holdings from undue tax burdens. The asset protection attorney also provides the client with protection from loss of assets by way of civil suits involving negligence or malpractice. This means that the attorney will possess a solid working knowledge of insurance options, the creation of entities like family corporations and trusts, and even placing some assets in offshore accounts.
The exact methods utilized by an asset protection attorney vary, depending on the nature of the assets held by a given client, the country of origin, and the tax regulations that apply to those assets. The ultimate goal is to ensure the client honors all obligations, including taxes, but does not reduce the net worth of those assets any more than possible. Along with protecting the status of current assets, the attorney may also counsel clients in how to rearrange holdings so they can grow to best advantage and ultimately pass on to beneficiaries that are identified by the client.
In order to accomplish these goals, the asset protection attorney may advise routing certain assets through trusts or family partnerships or corporations. These methods can help to ensure that the tax burden for both the client and any beneficiaries is kept to a minimum. At the same time, the attorney may advise the sale and ultimate acquisition of other assets that are projected to perform well over the next few years.
Insurance planning is an important part of the asset protection process. To this end, the asset protection attorney will often advise the client in securing profession related insurance protection, such as medical malpractice insurance or job related liability coverage. If necessary, coverage of this type can prevent litigants from seizing property and other assets in order to satisfy a court judgment.
It is not unusual for an asset protection attorney to establish long term business relationships with clients. Keeping the attorney on a retainer or utilizing the services of the attorney on a recurring basis may solidify the relationship. This is actually a favorable situation for both the client and the attorney. Clients have the benefit of working with an attorney who will know exactly how changes in tax laws and various regulations will impact assets, and can advise on any changes that can be made to maximize return on those changes. Attorneys gain the advantage of creating a stable clientele who provide them with a constant flow of work and thus lay the foundation for a successful legal career.