Wealth Preservation Solutions, LLC
ASSET PROTECTION
If you have significant assets of any type, you are a target for a lawsuit. You need to know more about legally protecting your assets. Enjoy greater privacy, limits on your personal liability, as well as tax benefits through the use of entities such as LLC’s, corporations and trusts.
In today’s litigious society, you need only one person unhappy with your business, one injured tenant, one disgruntled individual to ruin all that you have worked for by going to a plaintiff’s lawyer to see how they can get to everything you own. If you are sued, you could lose your business, its equipment and vehicles, your personal automobiles, your home, your rental properties . . . anything that you own in your own name.
Are you in a General Partnership?
Are you a Sole Proprietor?
Do you own rental properties in your own name?
If so, you could have severe liability exposure.
BENEFITS OF USING ENTITIES Maximize your privacy, keep your name off of the public records.
Minimize your tax liability.
Protect your assets by transferring wealth to your heirs without the government taking more than 50 percent through estate, inheritance and other taxes.
Protection from probate – a great help in estate planning.
Protection from lawsuits – If you have significant assets you are a target for a lawsuit. Unfortunately for those doing business today, it’s probably not a matter of IF you will be sued, it’s WHEN.
“Own nothing, control everything.”
John D. Rockefeller
CORPORATE
FORMATION
In providing an Asset Shield to protect you against lawsuits, Wealth Preservation Solutions, LLC uses a variety of legal entities that transfer your assets to another entity that will provide you with legal liability limits and protections in the event of a lawsuit.
The most basic component of asset protection is in removing all assets from your personal name and out of the public eye. No longer are your rental properties or other assets owned on the public record in your own name. A "C" or "S" corporation, a Limited Liability Company (LLC), a Family Limited Partnership (FLP) or other entity will now own the asset instead.
Wealth Preservation Solutions forms corporations, LLC's, trusts and other entities in every state to provide Asset Shields to our clients.
Under the "What We Do For You" tab above, find a helpful description of each of these estate planning tools;
Basic Estate Planning Documents
Types of Trusts
Useful Entities for Asset Protection
Other Types of Useful Agreements to Consider
ESTATE
PLANNING
Wealth Preservation Solutions will be happy to draft a Last Will and Testament to meet your family needs, but . . .
A Will guarantees probate. A Trust avoids it. A trust allows you to pass your assets to your heirs without the pain of probate and the burden of inheritance taxes.
A Revocable Living Trust will maximize your privacy, minimize your tax burden, avoid probate and help protect you from lawsuits.
If you have assets approaching $2 million dollars - if you are single, or $4 million dollars if married, OR, if you have assets that will appreciate to the amount of the marital deduction, you need a Revocable Living Trust. Your estate will double every 10 years. A $300,000 home, a $250,000 life insurance policy, a rental home, and ten years of appreciation and you will pass a heavy tax burden on to your heirs. The inheritance tax starts at 48%. The government will confiscate one half of what your heirs could have kept as their own.
Other documents that you need in order to complete your estate planning and also to protect your assets are Powers of Attorney. If you are in an auto wreck and go into a coma, you need a Durable Power of Attorney for Health Care to guarantee that the one you trust most makes the decisions regarding your care.
You need a General Power of Attorney or a Durable Power of Attorney for Assets to designate who will run your business or financial affairs in the event of your incapacitation.
Also, a Living Will will help you avoid the type of high profile situation that occurred in Florida with Terri Schiavo. A Living Will, sometimes called an Advance Directive, will tell loved ones and medical providers what your desires are regarding hydration and nutrition in the event that you are ever in a "persistent vegetative state".
Many prefer a document called a "Will to Live". This is essentially a Durable Power of Attorney for Health Care that spells out what efforts you want taken on your behalf in order to keep you alive. A Will to Live is available for each individual state at www.nrlc.org.