Fairfield County Asset Protection Lawyer

Asset Protection Attorney in Greenwich, Stamford, Darien, Westport, Fairfield, Trumbull, New Haven and Milford

Asset protection is a concern when the goal is protecting your assets from potential liabilities. When you have substantial assets there is a concern that you or a family member may incur a liability that will wipe out what you have worked for years to accumulate. There are a number of legal strategies that can protect your assets against such an occurrence. For guidance with asset protection, you are urged to contact a Fairfield County asset protection lawyer.

Asset Protection Strategies

First, you should always remember that a properly structured asset protection program does not mean that you have to give up control of your assets. You worked hard for your assets, and giving up control of them doesn't make a lot of sense.

Strategies for asset protection include:

  • Irrevocable trusts : You put the property in an irrevocable trust. Since it is no longer yours, a creditor cannot take it from you. In the trust document, you instruct the trustee to use the trust to provide for you and your family.
  • Limited Family Partnerships: You give members of your family limited partnership interests without any control. If structured properly, it will be more difficult for these assets to be seized by creditor actions and it keeps assets safer from predators.
  • Incorporation & LLCs: If you have a business, your personal assets are at risk if the business gets in trouble. If you incorporate, your business liability is limited to your business assets. Your personal assets such as your home are shielded. Note: depending on the laws that apply, creditor action against a C or S-Corp may result in the creditor getting access to corporate stock and then voting to liquidate the Corporation entirely to gain access to assets. An LLC may protect your business from this if creditors can only obtain a "charging order" and carry no right to vote. This may limit the reach of the lawsuit. Remember, you don't have to give up control of your assets when using an LLC.
  • Spendthrift/Discretionary Trusts: You have a son or daughter who spends money wildly and gets sued often. You put his or her inheritance in a trust with properly drafted provisions. The son or daughter's creditors cannot touch the money. Furthermore, the son or daughter cannot get to the assets or income of the trust until they are doled out to them.
  • Domestic/Foreign Asset Protection Trusts: DAPTs and FAPTs as they are sometimes referred to can also be an effective tool in certain asset protection strategies. Depending on your needs and circumstances, one may be more effective than the other and there are different variations of each. Given the advanced nature of these tools it is best to discuss their use with a skilled Asset Protection Attorney before implementing an asset protection strategy utilizing domestic asset protection trusts (DAPTs) and/or foreign asset protection trusts (FAPTs). Remember, a properly structured asset protection plan that utilizes a DAPT does not mean you have to give up control of your assets or business.

Asset Protection Attorney in Fairfield County

At Massih Law, LLC I help clients throughout Fairfield County and New Haven County including, but not limited to, Greenwich, Stamford, Darien, Westport, Fairfield, Trumbull, New Haven and Milford communities to protect their assets. I, John N. Massih, assist clients throughout the community with knowledgeable legal counsel and am recognized as a strong advocate for my clients. I will evaluate your situation and the assets you want to protect and devise effective strategies for their protection.

Contact an asset protection lawyer at the firm for a consultation about Asset Protection.