Asset protection is considered in almost every facet of our law practice and is a large part of responsible estate planning. Asset protection encompasses several different goals: to protect existing assets from creditors, to ensure the orderly distribution of your estate upon death, to minimize estate taxes, and to protect an inheritance so it cannot be lost in a lawsuit or a divorce proceeding.
At The Quraishi Law Firm, we handle asset protection for clients in Arkansas, Tennessee, and nationwide. The first step toward protecting your future is taking a careful approach with the help of a dedicated asset protection attorney. We take professional pride in our ability to provide clear explanations of complex legal and financial concepts. After all, we believe our clients need to truly understand all their options before they can make the best asset protection plan for their circumstances.
What is Asset Protection?
Most asset protection “gurus” believe asset protection revolves around helping clients who have money protect that money from your “typical” creditor from a negligence suit. A few examples of a typical creditor are: someone injured from someone negligently driving a car, a patient who sues a physician for malpractice, or someone who slips and falls on property and sues the owner.
While it is true that clients with money do need to protect themselves from the “typical” creditor, there are many other creditors out there clients need to be protected from.
Who are other common creditors clients don’t think of as a “typical” creditor?
— The IRS and state government (if you have a state income tax). The IRS is everyone’s number one guaranteed creditor every year. Every year high-income clients pay taxes to this creditor. Would you like to pay $15,000, $50,000, 100,000+ less in income taxes this year? Absolutely. That’s what our firm may be able to help you accomplish.
— The stock market. You know this is the case if you had money invested from 2000-2002 when the stock market lost nearly 40% of its value and again when the stock market crashed between 2007 and March of 2009 when it lost 59% of its value. Think about it, did you lose money from 2000-2002 and again in 2007-2009? Absolutely. Would you like to position your money in wealth-building tools with good potential for growth and still principally protect all or the majority of your money? Would you like to earn a 7%-8% guaranteed rate of return (accumulation value) over a 10-20 year period coupled with a guaranteed lifetime income you can never outlive? If so, let your attorney know that you want to discuss this.
— Estate taxes. Clients with wealth all worry about the estate taxes that will be paid upon their death. Few advisors truly know “advanced” estate planning and ways to mitigate estate taxes. Our firm specializes in helping clients reduce their estate taxes through supercharged gifting strategies, charitable planning, and many more tools that are not well known by the “average” advisor.
— Long-term care (LTC) expenses. The number one guaranteed creditor of clients over the age of 65 is LTC expenses (drug costs, home health care, nursing home, surgeries, etc.). It is vitally important for clients to protect themselves from this guaranteed expense. Most clients do not like the idea of paying LTC insurance expense because it is seen as a waste of money if you don’t use it. Our firm specializes in using products to build your wealth such as FIAs and single premium life policies that have their own unique wealth building or transfer features that include a LTC benefit.
Asset Protection of Licensed Professionals—Both Yourself and Your Heirs
With our asset protection solutions, we will not only take care of your properties today, but we can protect the future of your family in case the inevitable happens to you.