Separating Fact From Fiction
We have all heard the term asset protection. But what does it really mean? If you own a business, own a large estate or expect to receive a significant inheritance, it is vital to have a comprehensive asset protection program set in place. It only takes one mistake for the government or creditors to go after what rightfully belongs to you. Unfortunately, far too many people with high net worth and significant assets throughout South become targets. Having an experienced Fort Lauderdale tax lawyer on your side the best way to protect assets you have worked a lifetime to accumulate.
Facts About Asset Protection
Tax problems do not just happen to individuals. They can also occur with businesses and estates. If you have significant tax liability, the government can make your life miserable. Hiring a Fort Lauderdale tax lawyer can provide businesses a wide variety of solutions including:
- A tax lawyer can provide incentives for settling a claim
- A tax lawyer can help improve the client’s bargaining position
- Offer options when a claim is asserted
- Prevent litigation
When it comes to asset protection, preparation is everything. It is important to understand that asset protection planning does not protect your assets against a claim that has already been filed. Any tax lawyer that promises to protect property that has already been threatened by the government or creditors is risking civil liability, malpractice and even criminal charges.
Traditional Asset Protection
Most people who own significant assets have utilizes some form of tradition asset protection. The most common is the purchase of auto or home liability insurance. Corporations may also have liability insurance regarding officers, directors and malpractice. But what most people do not know is having liability insurance only brings more legal action. Far too many of these insurance policies do not provide adequate coverage.
Another form of traditional asset protection is using a corporation or business entity to separate business assets and liabilities from personal. However, this strategy can often backfire if one of your shareholders are sued or their shares are not protected from a judgment against them.
Fiction About Asset Protection in Fort Lauderdale
There are many who see asset protection as a shady way for individuals and corporations to avoid creditors from collecting on their liability. Contrary to popular belief, it is not about hiding assets, keeping secrets, defrauding creditors or avoiding taxes. The truth is proper asset protection planning is completely legal and is an essential component of wealth planning.
A Fort Lauderdale Asset Protection Lawyer Can Help
If you own property and significant assets, you owe it yourself to protect what you have worked hard to earn. Unfortunately many Fort Lauderdale residents become targets of creditors and the government due to mistakes they’ve made in the past or for simply having high net work. Attorneys Ira L. Zuckerman bring more than 30 years of combined experience asset protection in Fort Lauderdale. Over the years, they have successfully helped many individuals and corporations resolve complex tax and liability issues. To learn more, contact the law offices of Zuckerman Law, LLC and schedule a consultation to discuss your case.