Asset Protection
Asset protection is the process of shielding property from various potential threats. It typically entails implementing several techniques as part of a comprehensive legal and financial planning strategy. Techniques can vary in complexity and effectiveness depending on the jurisdiction.
Could you benefit from the services of an experienced asset protection attorney near you in the Silicon Valley area? Barulich Dugoni Suttmann & Cummins is a full-service law firm based in Burlingame, California, that assists high-net-worth individuals and families, business owners and others with their asset protection planning needs.
The Importance of Asset Protection Planning
Generally, anyone who possesses substantial personal or business assets can benefit from this planning. The process creates legal structures around the assets, keeping them safe from litigation, seizure, creditor claims and significant taxation.
An asset protection plan is a crucial component of estate planning, which is the process of determining how you want your affairs and assets to be handled if you become incapacitated or die. Asset protection and estate planning often overlap. Addressing asset protection alongside estate planning is vital because it safeguards your property and ensures it passes to your beneficiaries according to your wishes.
Asset Protection Strategies for Your Unique Needs
A Barulich Dugoni Suttmann & Cummins asset protection attorney has the experience and knowledge to help you craft a tailored asset protection plan as part of the estate planning process in California. Depending on your situation, the strategy can consist of various legal structures, which will be tailored to your specific tax, legal and personal circumstances:
- Limited liability company: An LLC is a business structure that provides personal liability protection for the entity’s owners. LLCs are affected by the California Corporate Transparency Act (CTA) and the standard Revised Uniform Limited Liability Company Act (RULLCA), which create more transparency around business ownership.
- Trusts: These legal arrangements entail a trustee, an individual or entity designated to hold real estate, cash, investments or other assets for the beneficiaries of a third party (trustor). Trusts can be revocable or irrevocable.
- Homestead exemption: This legal provision protects California homeowners’ equity in their primary residence from creditors up to a specified limit. This exemption can help in situations such as bankruptcy and judgment liens. Changes in 2023 have made this exemption more accessible by eliminating qualifying conditions and providing it to any individual with a primary residence.
- Insurance: Various types of insurance programs, such as liability, life and business interruption, can protect the assets outlined in the policy.
- Retirement plans: Many retirement vehicles offer tax advantages that can protect and preserve financial assets. They may also be exempt from creditor claims during bankruptcies and provide protection during lawsuits.
Why Trust Our Firm?
When you choose Barulich Dugoni Suttmann & Cummins for your asset protection needs, you will receive legal guidance from a reputable estate, tax and business planning law firm that has been helping individuals and businesses protect their assets since 1989. We value our client relationships and will always make serving your best interests our top priority.
Our firm is known for handling and resolving complex estate planning and asset protection cases. We draw upon our experience and track record of attaining favorable outcomes for our clients to find a cost-effective, proactive solution to every legal challenge.
Get in Touch With Our Asset Protection Attorneys
Let the accomplished legal team at Barulich Dugoni Suttmann & Cummins help develop and implement a comprehensive asset protection plan that safeguards your business and personal financial future. Take the next step and call our firm at 650-547-3293 for a free consultation with an asset protection lawyer. You can also submit our online form to request additional information.