Asset Protection for Professionals and Business Owners in Chicago, Illinois
We live in a litigious society. Certain professions (e.g. doctors, lawyers, accountants, architects, contractors) are known targets of plaintiffs and their lawyers. However, asset protection planning is also relevant for real estate owners; high net worth individuals; celebrities; owners of businesses; owners of certain boats and vehicles; spouses in second marriages; or recipients of significant inheritances. The brutal reality is that if you have assets, you may be a target of litigation.
The goal of asset protection planning is to deter litigation, or, if you are sued, to position yourself to reach a favorable resolution. However, if you wait until you have been sued or are subject to a claim, it is often too late. Asset protection planning requires you to plan before any claim is asserted.
Limited liability companies, partnerships, asset protection trusts, and other trusts and entities are available tools for asset protection planning. However, this area of law is complicated, and experienced estate planning is needed.
Request a consultation with our office to determine the best way to tailor an asset protection plan to meet your goals.