Miami Asset Protection Attorney
Asset protection provides peace of mind to men and women who have worked hard their entire lives to accumulate wealth. At Ronald Cutler, P.A., we employ the most up-to-date asset protection strategies to protect what’s yours from aggressive creditors seeking to drain your assets with frivolous lawsuits. Call our firm to speak with a Miami asset protection attorney in greater depth about whether we can help. Asset protection is a deliberative process, so you will benefit from a attorney’s structured approach.
Why Asset Protection?
Do you own a home or investment properties? Have you stashed away significant cash in a bank account or invested for years in the stock market? Asset protection might be right for you.
If you lose a lawsuit, then the person who sued you is a judgment creditor. Under Florida law, they can try to seize certain assets you own to make good on the judgment. They might levy bank accounts or even put a lien on real or personal property. They can then foreclose, meaning they force a sale of the property.
Asset protection is a strategy for shielding your assets from creditors. You ensure that you retain ownership of your assets for enjoyment in retirement. You can also pass them on to your children or other loved ones after you die.
Comprehensive Asset Protection Strategies
Asset protection is not a one-size-fits-all approach. Instead, there are different techniques which we use, depending on the situation:
- Transferring ownership of assets to a Limited Liability Company (LLC). If an LLC owns property, for example, then the members are shielded from personal liability for slip and falls or other torts committed on the premises. A judgment creditor can only reach the assets owned by the LLC when trying to make good on a judgment.
- Creating an irrevocable trust. A trust will own assets and has its own legal identity. This is a good way to shield them from creditors who sue you personally. There are different types of irrevocable trusts, some of which offer tax advantages.
- Purchasing insurance, such as an umbrella insurance policy, which provides protection in the event you are sued. Many plaintiffs will settle a lawsuit paid out by insurance rather than sue.
- Moving assets to an account offshore, which are harder for creditors to find or more cumbersome for them to attach. People assume this is an illegal strategy, but there are legitimate banks.
- Assessing the tax implications of whatever strategy we employ. Uncle Sam can reduce the value of your assets just as significantly as a judgment creditor. Work with an expert.
These are only some of the strategies we employ. There is no substitute for individualized advice, which we provide to our clients. Let’s review the risks you face and the assets you own.
Call Miami Asset Protection Attorney Ronald Cutler, P.A. for a Consultation
Our Miami asset protection attorneys have decades of experience helping people like you protect your wealth. Asset protection isn’t only for the super-rich. Almost anyone can benefit. Contact us to get started.
