Asset Protection In Vancouver, WA
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Asset Protection in Vancouver, WA
You’ve spent your life working hard and building, and you’ve acquired assets. Now, you want to protect what you’ve built so you can enjoy what you’ve anticipated and bless your family when your property is distributed to your beneficiaries one day. Asset protection work is all about planning to achieve such goals despite the threats that can arise due to care costs, taxes, and economic fluctuations.
We are highly experienced and skilled attorneys in the area of asset protection and we love assisting you in evaluating your estate to determine the best protection strategy for you moving forward. We can use many techniques, some involving various types of trusts, and others not involving trusts at all. Some strategies include, among other tools, using:
- Business entities
- Revocable trusts
- Irrevocable trusts
- Charitable trusts
- Special needs trusts
Irrevocable Trusts for Asset Protection
Using various types of irrevocable trusts is a powerful asset protection strategy. We determine whether or not to use one, and the type to use (if necessary) by examining your goals and the purposes for which you seek protection. You can use these types of trusts to protect against tax losses, creditors, and financial loss due to long term care costs.
Traditionally, “irrevocable” means “locked” and “cannot be changed.” However, there are special types that allow a bit more flexibility and adaptability than the traditional concept. These types of trusts are usually quite specialized. As experienced asset protection attorneys, we help you know and understand which type to use, structure and build the trust well, to achieve the desired benefit while maintaining solid protection.
Business entities for Asset Protection
As Vancouver, WA asset planning attorneys, we can also set up business entities for you. There are various types of such entities and which, if any, you should use is a question to work through with us in consultation. A few examples include:
- Limited Liability Companies
- Family Limited Liability Partnerships
Use of such entities can be a powerful help in protecting assets from loss due to taxes, creditors, and lawsuits. Often these can assist in reducing estate tax, income tax, and even capital gains taxes on assets over time.
Business entity creation can be essential to providing ease in family business succession planning for family companies, real estate interests, and farms.
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Call (360) 696-2069 or fill out the short form below. We will usually respond within 1 business day but often do so the same day. Don’t hesitate, your questions are welcome.
We respect your privacy. The information you provide will be used to answer your question or to schedule an appointment if requested.
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