At VIP Injury Law, we do more than get you the compensation you deserve for your injuries. We also provide you the resources to protect your newfound assets and pass them along for generations.
We provide the following:
Basic Estate Planning:
Wills, Trusts, Powers of Attorney (Medical, Financial), California Advanced Health Care Directives
Advanced Estate Planning:
Estate Tax Planning, Family Limited Partnerships, Irrevocable Trusts, Grantor Retained Annuity Trusts, Grantor Retained Unitrusts, Special Needs Trusts, Qualified Personal Residence Trusts
Parents With Minor Children:
Guardian Nominations (Temporary, Permanent), Guardian Instructions, Minor’s Medical Power of Attorney, Emergency ID Cards
Setting up an asset protection plan is a challenging and complex exercise in today’s world. The asset protection plan needs to be properly designed, but that is only half the battle, because it also needs to be properly implemented to be effective. An asset protection plan is of little use unless it is funded and correctly documented. Whether you have a limited partnership, limited liability company, trust, or corporation, we can assist you in structuring your plan and the various entities for maximum benefit.
Asset protection planning involves designing and implementing lawful techniques that protect your assets from claims of future creditors. These techniques are designed to deter potential creditors from going after you and frustrate them if they do, in short by making it difficult or impossible for future creditors to obtain your assets or collect judgments against you.
Where significant sums are involved, asset protection planning can include setting up a series of partnerships, trusts and/or off-shore entities to hold legal title to your assets. If this is the case, a future creditor may recognizes how difficult it would be to collect on any judgment and decide it makes little sense to pursue a claim, or be willing to settle for pennies on the dollar.
There is a very sharp dividing line between legal asset protection planning, and actions to defraud creditors, which are criminal. This is one more reason that it is essential to have an attorney guide you through the asset protection process.