As we all know, we live in a litigious society and the more assets you have, the more at risk you are to having to face outside threats and attacks. Asset protection planning runs the gambit from very basic planning to very complex. That said, any good asset protection plan should be practical and easy to operate and maintain. If it’s too complex and has too many moving parts, steps can be missed and your plan can be weakened or even defeated. Most law firms either fail to address asset protection in any meaningful way or, on the other extreme, have a cookie cutter approach and provide the same expensive plan to people in a wide variety of circumstances. At York Howell & Guymon, we design personalized and practical asset protection plans which focus on the following:
The Type and Nature of your Assets
Many assets provide a natural asset protection. Qualified plans and life insurance are two common examples. Other assets, however, can be more difficult to protect and State law has a tremendous affect on the level of protection afforded to your assets. At York Howell & Guymon, we will review and analyze the type and titling of your assets to develop an asset protection plan specific to your needs.
The Type and Source of your Risks
Risks typically come in two forms. The first is asset based risk that you have as a result of the assets that you own. Through the use of corporations and limited liability companies, we can work with you to try and compartmentalize those potential risks from your other assets. The second is direct risk that comes from your personal and professional activities. At York Howell & Guymon, we implement a variety of different strategies to deal with this type of risk, from fairly basic to the most advanced and sophisticated.