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You are unlike anyone else – Your asset protection plan should be as unique as you are.

Ask yourself this question, “What single thing could cause me to lose everything that I have worked my entire life for?” Asset protection planners understand that only one thing can cause you to lose everything and that is the grossly litigious society in which we currently live.

If you have read our asset protection blog, you have seen postings on the 4 year old girl who was sued for negligence, a basketball facility that was forced to close because of a frivolous lawsuit, and a dry cleaner who was sued for over $50 million for allegedly losing a customer’s pants. The prospect of contingency fees on large judgments has attorneys everywhere searching out reasons to sue people just like you and me. Our job at Anderson is to craft an asset protection plan that will protect your assets from frivolous lawsuits and unexpected liabilities.

It is commonplace for people just like you to say “I am not going to get sued; I don’t do anything to hurt anyone.” To those folks, an asset protection planner will ask the following questions:

  • Do you drive a car?
  • Do you own a home?
  • Do you own a business?
  • Do you have children?
  • Do you have rental property?
  • Do you have repairmen and other invitees on your property?
  • Do you have animals?
  • Do you participate in sports?
  • Do you borrow money?
  • Do you use credit cards?

If you answered yes to any of these questions, then you stand to be sued – you need an asset protection plan.

While almost depressing, it is a fact that on average each of us will be involved in four lawsuits during our lifetime (using the most simple math possible – if you want to get technical, if you are an investor or business, you will likely see more lawsuits). Further, that more than 98% of those lawsuits will be settled out of court in order to avoid the time, money, frustration and uncertainty that bringing a lawsuit to trial creates.


A good asset protection plan will either eliminate these lawsuits entirely or force them into immediate settlements. How?

A good asset protection plan will make it nearly impossible for creditors to reach your assets by moving assets into limited liability entities such as Limited Partnerships (LPs and FLPs) or Limited Liability Companies (LLCs). You can effectively move those assets beyond the reach (or easy reach) of creditors. In fact, you can create a situation where through what’s known as a “charging order”, your creditor will stand outside your asset protection structure hoping you pay them something and may even end up paying a portion of your taxes.

Maybe even more important is that your asset protection plan – moving your assets into a limited liability entity – you are making yourself appear worthless in the public record. You might ask yourself why you would want to appear worthless to unknown third parties, but the answer is simple:

When someone goes to a plaintiff’s attorney in hopes of suing you, that attorney goes through a two-step process. The first step is to ascertain the merit of the case and the likelihood of obtaining a judgment. The second step is to determine whether that judgment can actually be collected or not. Your asset protection plan should make you appear worthless in the public records so no attorney worth their weight would be willing to take the case on.

What better form of asset protection could you ask for than not being sued at all?

 

Tax Reduction

It is no secret in this country that some business entities enjoy significantly different and potentially more beneficial systems of taxation. Depending on your business activity, the type of entity operating the business will can have a dramatic impact on the amount of tax paid. Choosing the business entity that is right for you is crucial and is another major component to building a proper asset protection plan.

You have probably heard repeatedly that you could save a bundle in taxes by moving your money offshore. You have probably heard that by doing so you will never have to pay taxes again. Wrong! What you have heard are promotions that are illegal and will land you in jail. You are required under federal law to completely disclose all of your offshore holdings and income and pay taxes on them here in the U.S. If you are tempted to go offshore with your planning, make sure your asset protection planner has strong relationships in the jurisdictions where they recommend you form a structure and that they fully explain what can happen in a lawsuit (hint: the court may not have your money, but they have you)…

The better route for everyone is to operate a valid domestic business in the United States. You can reap significant rewards, so there is no reason for 99.9% of companies to go offshore. Instead, a good asset proetction planner will look at the differences in business entities in the various domestic jurisdictions and see if any of the differences will benefit you.

You may have heard that many businesses choose Nevada because of its “business friendly” laws and the absence of a state corporate income tax. You may also have heard that Nevada promotes personal privacy and that many of its entities, including limited partnerships (LPs & FLPs), limited liability companies (LLCs) and corporations are protected by charging order statutes.

If you are interested in these types of benefits, then it may make sense to form a business in Nevada. Call us today to talk to an asset protection planner to learn how strategic entity planning will work for you.

The law allows you to pay the minimum amount of tax – it does not allow you to evade taxes. Even if the State in which you establish a business does not assess an income tax on the business, this will not impact your responsibility to file and/or pay Federal Taxes.

 

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Why Trust Anderson For Your Business Structuring Needs?

Comprehensive Assessment Tailored To You

The wrong setup of your business now could mean more taxes and liability later. That’s where we’re really different. We take a comprehensive look at your situation not only from a legal asset protection perspective but also from a tax savings and financial planning perspective.

Experience You Can Trust

Unlike other law firms, our consultants consist of attorneys and planners who travel nationwide to speak at conferences and seminars on subject matters concerning asset protection, taxes and business planning. Since 1993, we have taught tens of thousands of people how to make better business decisions and properly prepare to meet their goals.

“tailor a plan to best protect me

“As an Anderson Business Advisors client I am constantly amazed at the outstanding customer service they provide. Their advice is invaluable and their eagerness to serve unmatched. They are essential to the protection of the assets I have worked to obtain. They have taken the time to determine and tailor a plan to best protect me. Anderson Business Advisors are a must for your power team.”

CARLTON L.

ST. LOUIS, MO

“more time to do what you love”

“I am completely satisfied with the service provided in the set up process for all the entities that have been formed. The materials have been more than self explanatory. Thank You for the time involved in taking care of the detail work on the front end of forming each entity. The staff have been absolutely fantastic in every way. I would recommend this law firm to anyone looking for excellent service, and more time to do what you love.”

REBECCA C.

HARRIMAN, TN

Take a look at these actual client stories to see how much of a difference an Anderson plan can make.

“$2 million lawsuit reduced to $100,000 settlement

We set up a Nevada LLC for a client with significant savings. She was sued 3 years later for an environmental claim stemming from property she owned over 30 years before. Plaintiff wanted over $2 million in damages for the cleanup. After we disclosed that her assets were protected by a Nevada LLC and a HELOC on her residence Plaintiff accepted less than $100k in a settlement.

“Avoided $5.5 million judgement”

A bank wanted to pursue one of our clients for a deficiency judgement ($5.5 million) for commercial real estate he lost in foreclosure. Once the bank found out how we protected all of our clients remaining assets with LLCs and a Nevada holding LLC the bank’s attorney stated “we decline to seek a deficiency judgment given the complicated structure you have weaved for yourself”.

“$1 Million in personal liability avoided

Our client purchased property in a LLC and it was later discovered the soil beneath the property was contaminated. The state sued the LLC to clean up the land. Client walked away from the property without any personal liability. Without the LLC he would have been on the hook for over $1 million.

Your Custom Entity Blueprint

Speak with an Anderson Professional Advisor to get your FREE business planning blueprint to determine the best entity structure plan for you and your unique situation.