Safeguarding assets from unexpected liabilities
At Kimbrough Law, we are passionate about helping our clients protect their hard-earned assets from unexpected liabilities.
Good asset protection is perfectly legal, and we neither suggest nor condone “hiding” assets. In fact, we are particularly sensitive to the ethical rules governing estate planners with respect to this planning area. So, we will never recommend any strategy that may constitute a “fraudulent conveyance” in violation of state or federal law, which could be deemed voidable in a bankruptcy proceeding, or even legally voided by a creditor or bankruptcy trustee. We simply use existing laws for their purpose of enactment by utilizing one or more of many asset protection vehicles, such as Limited Liability Companies, Limited Partnerships, Corporations, and Trusts.
A solid asset protection plan requires professional structuring. Merely forming entities is not enough. It is important to know how to structure and manage the entities so they interrelate in a way that makes sense and works. It’s also vital to consider life insurance, fire and casualty insurance, and liability insurance in the asset protection equation. We also advise clients on protections from federal and state exemptions from creditors (e.g., homestead, retirement accounts, annuities, life insurance cash values).
(Click on the Asset Protection category.)