Generally, people come together to run a business after forming a general partnership. Even though this structure has a number of advantages, it also exposes the partners to risk, particularly personal liability. Lacking general partnership asset protection, debt and obligation of the business may fall on the partners themselves and their assets. In other words, a business founder’s personal assets, like a home, savings accounts, and investment accounts,...
Introduction: Understanding Trust Structures and Their Critical Differences For affluent families, the choice of living trust vs asset protection trust is not academic—it determines how resilient your wealth is to lawsuits, creditors, and court scrutiny. A revocable living trust is designed to streamline probate and provide incapacity management, but it does not shield assets from claimants because you retain control. By contrast, an asset protection trust is typically...
Introduction: The Growing Need for Wealthy Individuals to Protect Assets From Lawsuits The stakes have never been higher for wealthy families to protect assets from lawsuits: navigating litigation risk, aggressive creditors, and public scrutiny. Verdict sizes are rising, plaintiffs routinely seek personal assets after piercing insurance limits, and business owners face exposure from personal guarantees, real estate holdings, and professional liability have increased the need for asset protection...
