Working with a qualified asset protection attorney is one of the smartest decisions you can make for your financial future. When you have one of these legal professionals on your side, you can rest easy knowing that your wealth will remain safe from various threats like creditors, lawsuits, and even divorce.
But how can you know if a lawyer is as good as they claim? In this guide, we’ll show you how to choose an asset protection attorney capable of keeping your money safe:
- Why You Need an Asset Protection Attorney
- Key Features of a Qualified Asset Protection Attorney
- What To Avoid When Choosing an Asset Protection Attorney
Why You Need an Asset Protection Attorney
If you have significant wealth or work in a high-risk profession like medicine or law, an asset protection attorney is invaluable. With their help, you’ll be able to safeguard your property against anyone who would like to get their hands on it. The best ones are even capable of protecting your wealth against court orders, so no matter how risky your profession is or what degree of legal trouble you face, your wealth won’t be compromised.
Key Features of a Qualified Asset Protection Attorney
A capable asset protection attorney should have all the following features:
Licensed and Offers Attorney-Client Privilege
The first non-negotiable factor when choosing an attorney is to ensure they are properly licensed. Only licensed attorneys can offer true attorney-client confidentiality, which is crucial for protecting your planning strategy from being exposed in a legal dispute.
Experienced in Asset Protection Law
Asset protection is a specialized field. You need someone with years of very specific experience, not a generalist who occasionally works in this area. Seasoned asset protection attorneys know how to layer protective structures like LLCs, trusts, and partnerships so they hold up during legal scrutiny. To find out how experienced an attorney is, ask about specific examples of times when they’ve safeguarded assets that are similar to the ones you wish to protect.
Has a History of Working With Clients Like You
Not every attorney is right for every client. Choose someone who already works with clients like you. Meaning, if you’re a doctor, work with someone who has a history of protecting doctors’ assets, and so on. This ensures your attorney knows the ins and outs of situations similar to yours.
Provides Transparent Pricing
Clarity about fees is a must. The best attorneys provide a detailed, written plan with a breakdown of costs and expected outcomes. Avoid lawyers who dodge questions about costs or whose reviews mention surprise fees. That’s a clear sign of untrustworthiness, and you need to have absolute faith in a lawyer responsible for protecting everything you’ve worked so hard to earn.
Has a Plan To Address Fraudulent Conveyance Risks
An asset protection attorney should be proactive in addressing the risk of fraudulent conveyance. The attorney you choose must offer strategies to keep your planning legal, ethical, and timely. Ask how the lawyer advises clients to avoid making fraudulent transfers and mitigates the impact if a client fails to heed the lawyer’s advice.
Offers Ongoing Support
Asset protection isn’t a “one and done” service. It’s an ongoing process that evolves alongside your life, business, and the law. Choose an attorney who stays actively engaged with your trust and the laws that govern the jurisdiction in which it’s established. Reliable attorneys should also clarify how often they’ll review your plan and provide ongoing guidance.
Provides Educational Resources
A qualified asset protection attorney will help you understand everything that goes into asset protection. Look for someone who offers educational resources, whether through articles, guides, or direct explanations. This will help you make informed decisions and feel in control of your plan. Additionally, you shouldn’t work with any attorney who refuses to answer your questions.
Is Familiar With Laws in Several Jurisdictions
Asset protection strategies often rely on navigating laws across multiple states and countries. An attorney who is used to working in various jurisdictions can offer more effective solutions and is better prepared to address legal challenges from creditors based anywhere in the world.
What To Avoid When Choosing an Asset Protection Attorney
Knowing how to choose an asset protection attorney also means knowing what to avoid. Here are some major warning signs:
Unethical Practices
Stay away from lawyers who suggest dubious schemes. When it comes to the law, maintaining ethical standards isn’t just kind; it’s smart. Crossing legal lines can invalidate your entire plan and leave you open to criminal prosecution or civil penalties. Honest, reputable attorneys will always prioritize lawful solutions.
Tax Fraud
Any attorney who promises tax elimination through asset protection rather than a typical “tax neutral” structure is someone to avoid. “Tax-neutral” planning means that your asset protection strategy should neither add nor reduce the amount of taxes you’re due to pay to the IRS. If tax savings are promised as part of asset protection, it could expose you to severe IRS penalties down the line.
Inexperienced Attorneys
As appealing as the low fees of inexperienced lawyers may be, don’t choose a general practitioner who only dabbles in asset protection law. Attorneys who lack expertise could craft poorly constructed plans that fall apart during legal battles and put your wealth at risk.
Skip the Tedious Research and Work With the Experienced Team at Asset Protection Planners
If you’re in search of a capable asset protection professional, you’ve come to the right place! At Asset Protection Planners, we’ve been setting up ironclad offshore trusts for decades. In fact, not one of our clients has had their Cook Islands trust breached.
Don’t risk your hard-earned wealth by hiring an inexperienced attorney. Contact us today for a free consultation!
How To Choose an Asset Protection Attorney FAQ
How do you evaluate and hire an asset protection attorney?
To hire the right asset protection attorney for your needs, you should start by identifying the nature and value of the assets you want to protect. This will help you target attorneys with relevant experience, and can inform your questions during consultations.
After figuring out exactly which of your belongings you want to safeguard, research potential attorneys online, focusing on those who specialize specifically in asset protection law. Look for professional credentials, client testimonials, and a proven history of handling cases like yours. Don’t be swayed by flashy ads or low fees that hide a lack of substance and experience.
Once you’ve done some research, contact several candidates to set up consultations. Prepare a list of questions about their licensing, experience, and the types of clients they typically serve. Ask about attorney-client privilege, and clarify who will actually handle your case and communications. Be upfront about your goals and any specific challenges you face.
During your meetings, evaluate how clearly each attorney communicates their plan for your wealth. Review their pricing structure and avoid those who can’t provide clear, written cost estimates or timelines. After doing all that, you should have a fairly narrow list of attorneys who are qualified to protect your assets, and any choice you make will likely be a good one.
For a step-by-step approach, follow these actionable steps:
- List your asset protection goals and identify your risk factors.
- Search for attorneys who exclusively practice asset protection law.
- Check credentials and state bar memberships.
- Read client reviews and request references.
- Schedule consultations with at least three candidates.
- Verify they offer attorney-client privilege.
- Ask for specific examples of similar clients.
- Request educational materials to understand their process.
- Discuss pricing and be sure to request a detailed, written quote.
- Evaluate their plan for ongoing monitoring and support.
- Ask about the attorney’s experience with multi-jurisdictional plans.
- Inquire about their approach to fraudulent conveyance risks.
- Assess how well they communicate and explain options.
- Ensure they avoid tax fraud and only recommend tax-neutral strategies.
- Confirm who will handle your case day-to-day.
- Make your decision after considering every interaction you’ve had with each attorney.
