Asset protection planning is a process by which one organizes their financial affairs in such a manner as to safeguard assets from the risk of exposure. Pino Nicholson is an expert firm in the process of asset protection. Asset protection involves transferring the assets from an unprotected form of ownership to a protected form of ownership. The unprotected form generally applies to property held directly in an individual’s name or even the name of a revocable living trust. The protected form can be one of many asset protection vehicles such as LLCs, corporations, certain kinds of trusts, limited liability companies, and other such entities. Protecting assets can also be a process of transferring them into exempt assets to the extent permitted by the individual states.
Pino Nicholson is asked regularly by our business and investment clients about asset protection planning and set up. Many times our clients reach out AFTER they are presented with a lawsuit, which is not ideal, as many structures are available to set up prior to a lawsuit. Always keep that in mind as this type of planning is legal and must be done properly. It is not legal if it is done after the fact or in a fraudulent manner.