Dallas Asset Protection Lawyer Shielding Business and Personal Assets
Asset protection planning can be extremely valuable for those in people-centered professions that may be at high risk for personal liability (such as physicians, attorneys and business owners), as well as those with significant personal or professional holdings.
The primary goal of asset protection planning, then, is to identify practical strategies to protect your assets from taxation and liability claims such as:
- Personal liability for a business (for corporate officers and directors)
- Liability as a guarantor for the debts of another
- Professional malpractice liability
- Suits by former business partners
- Claims of personal injury suffered on personal or business property
- Claims of personal injury involving a car accident
- Liability arising from personal malfeasance
Tools to Protect Your Personal and Business Assets
Dallas asset protection attorney Christopher Parvin has broad experience designing strategies to protect wealth. He will review your assets, the structure of your business, your business practices and risk factors, and opportunities for legal exemptions. He will then advise you on options for shielding your assets and the advantages or disadvantages of keeping your assets in your name or accruing all wealth to your business.
Tools within an asset protect plan may include:
- Legal exemptions
- Limited liability corporations and family limited partnerships
- Retirement accounts
- Insurance, including key man insurance and additional liability insurance
One a tool has been developed, it must be put into place and money must regularly be swept out of the business entity into the asset protection mechanism. Chris will help you set up a system to do so.
In order to maximize the effectiveness of your asset protection plan, our firm coordinates its services with your Certified Public Accountant, insurance professional and/or wealth management advisor to assure that all plans (legal and financial) are integrated to optimize tax benefits and legal protections.
To learn more about asset protection for your business or your family, contact estate planning lawyer Chris Parvin to schedule a consultation.