It is an unfortunate fact of life that high net worth families and business owners face the risk of significant financial loss if they do not have a comprehensive asset protection plan in place. Buchanan & Stouffer helps clients preserve their wealth by carefully evaluating and addressing potential liabilities when creating a customized planning strategy. It is far better to anticipate and prepare for a challenge than to be forced to react after it occurs, and this is especially true when it comes to asset protection planning.
High net worth families are often a desirable target for lawsuits. A defendant with limited assets is of little interest to plaintiffs, but a defendant with substantial assets is a very different matter. A defendant with deep pockets is the ideal target for the plaintiff’s bar, and considerable time, effort and resources are routinely expended to identify vulnerable parties, and develop strategies for pursuing them. Situations in which wealth can be at risk can arise with outside individuals and creditors, during a divorce or in almost any kind of litigation. Our experienced lawyers have a range of legal strategies at their disposal to anticipate and protect your assets from such litigation.
Some of our clients face the daunting challenge of guarding their wealth from close family members, such as children. This is a difficult and sensitive subject, and can arise from substance abuse, a simple inability to handle money or, most difficult of all, interpersonal disputes or conflicts. These are especially challenging because they’re fueled by emotion rather than logic, and are therefore both unpredictable and intense. Should litigation ensue, our attorneys address each case with respect and understanding, and will also work closely with you to build a strategy that help shield your assets from these actions before they occur. We can help you prepare a plan that both addresses the current capabilities of your beneficiaries, and prepares for future scenarios.
For entrepreneurs, an essential part of establishing and running a business should be a strategic plan that protects your company and personal wealth in the event of litigation. If you have spent decades building or growing a business, it only makes sense to insure that it is not vulnerable to a lawsuit. Our attorneys can advise on the best entity alternative for your business as well as reviewing, and if necessary, reorganizing your current business structure to minimize your exposure without affecting the day-to-day operation of your enterprise.
Simply by having an effective, customized strategy in place to shield your assets, it becomes much less likely that they will be put at risk, and much more likely that the assets and legacy you’ve developed will remain intact, and will be preserved for the future generations that count on you.