Montana Asset Protection Lawyers
Today’s world is much different than years past when it comes to dispute resolution. It is almost common place for anyone to be involved in a frivolous lawsuit, be victim of digital slander or online threats, or simply deal with heightened discourse in everyday life. It’s not surprising that many clients want to know how best they can protect their assets for themselves and their loved ones. At Tanko Law, we have people helping clients for decades through planning to minimize risk, reduced administration costs, and protect their assets for generations to come. Call today to learn more.
BENEFITS OF WORKING WITH AN EXPERIENCED ATTORNEY
- Understand the implications of using trusts and other methods for asset protection and reduced costs of administration.
- Draft and review legal documents to minimize risk to your assets and ensure a smooth transition to your loved ones.
- Set up an legal entities to offer protection of your investments and real estate holdings.
- Develop strategies to help you minimize future litigation and plan for the unexpected.
- Work with your accountants and financial advisors to create a plan to reduce taxes.
- Educate you on the latest legal developments in asset protection and estate administration.
Services
When creating an estate plan, it is important to consider who may be the best person to serve as your fiduciary. A fiduciary is a person who must act in your best interests. A fiduciary has significant power and control over your assets or your person in the event of incapacity. Careful consideration must be given when naming these persons to these most important roles. A fiduciary includes persons you may name to serve as guardian for your dependents in the event of death or incapacity, executors under your Will, trustees under your Trust, agents under powers of attorney for financial matters, and health care agents under health care directives to assist you in medical situations and care. Many clients approach their estate planning with a specific candidate in mind, while others are unsure of who may be the right person for the role. In either case, our experienced team here at Tanko Law is here to help you determine the best possible fiduciaries for your specific needs.
Evaluating Assets and Liabilities
Our attorneys will help you evaluate your assets and liabilities to ensure so that you are taking the proper steps to protect and preserve them, and minimize administration costs in the event of death or incapacity.
Creating and Implementing a Comprehensive Asset Protection Plan
We create a comprehensive estate plan that considers your goal of protecting your assets, guidance on how to implement the plan, and the impact on administration upon your passing.
Establishing Asset Protection Trusts
We can help you establish trusts, limited liability companies, corporations and other legal entities to best manage and protect your assets now and for years to come.
Asset Protection Strategies for Clients
We make sure our clients are aware of their asset protection options before they make a decision about what they believe is right for them. Every client is different and one strategy does not fit all situations. Some of the different planning strategies we tell our clients about include the following:
- Family Limited Partnerships (FLPs): These partnerships are formed by families to protect family assets and limit creditors of the partners from a sale of his or her interest. These types of partnerships can be excellent tools for long-term manage of family properties or businesses.
- Asset Protection Trusts: Also called a “Spendthrift Trust,” these Trusts allow a person to benefit from the assets held in the Trust, but limit a creditor's ability to attach to the Trust assets. Montana does not have statutes that allow for the creation of this type of Trust. Only a few states allow for this type of Trust to be created. Nevada is one such state and at Tanko Law we have legal counsel licensed in Nevada and relationships to help you implement this kind of Trust.
- Trusts: Not all Trusts are created equal. Irrevocable Trusts can offer more protection from creditors than revocable Trusts. However, if these are not properly set up, even an irrevocable Trust may not adequately preserve assets. Some types of Trusts can protect assets from creditors, Medicaid, estate taxes and litigation if properly drafted. For this reason, it is important to have experienced legal counsel assist you assist in the formation of Trusts.
- Limited Liability Companies (LLCs): LLCs are a popular tool in an estate planning attorney’s tool box. These types of entities offer limited liability, minimize taxation, streamline family and business operations, and protect assets from personal liability. Some may think just creating an LLC online is easy and it affords you all the protections you seek, but nothing could be further from the truth. In today’s complex world where entities are subject to multiple state and federal filings for reporting, the targets for unsuspecting litigation, it is crucial that you work with experienced attorneys when implementing LLCs.
Domestic vs Offshore Asset Protection
| Domestic Asset Protection | Offshore Asset Protection |
| Domestic asset protection means protecting assets within the jurisdiction of the United States. This could include creating trusts or setting up business entities to minimize risk from creditors and lawsuits. | Offshore asset protection involves techniques that protects assets outside the jurisdiction of the United States. This often involves creating an offshore trust or company in a jurisdiction with strong asset protection laws. This type of asset protection is often used to shield assets from creditors, lawsuits, and taxation. |
Whatever your needs are, at Tanko Law, we’ll work with you to find the best solution for your asset protection needs.
Protect Your Assets with Tanko Law
Hiring an experienced attorney well versed in strategies and planning to minimize your risk to creditors, lawsuits and the unanticipated catastrophe can be beneficial for anyone, regardless of their current status. It is possible for anyone to protect their assets, such as their home, car, and savings account, not just the uber wealthy. However, the process is complicated and it is important to understand the law and work with a professional to ensure your plan is done right.
Call Tanko Law today or use the online contact form to schedule a free initial estate planning consultation to find out how we can help you protect your most valuable assets and minimize your administration costs. Our experienced attorneys are standing by!