843-718-0232
WE’RE HERE TO HELP DURING COVID-19    Learn How

Mount Pleasant Estate Planning Attorney

 

– Mount Pleasant

Asset Protection Is a Major Part of Estate Planning

Whether you have modest or substantial accumulated assets, you are surely interested in protecting these assets from those who would deplete them — scam artists, illegitimate credit entities, those filing frivolous lawsuits. In the present climate, it is all too easy for shady lawyers to assist clients in suing for personal injuries that are exaggerated (or even nonexistent) out of financial greed. 

There is no way to predict when someone may sue you for being injured by slipping on your property, being involved in a fender bender with your car, or being bitten by your dog. There is also no way of knowing if or when you may be accused of medical or legal malpractice. Unless your asset protection attorney has helped you to prepare for such eventualities, you and your family may suffer a disastrous financial blow. At Wiles Law Firm, our able, knowledgeable attorneys know a number of ways to protect you from potential attacks on your accumulated wealth during your lifetime, and to keep your family financially protected after your death.

Keeping Asset Protection Current in Mt. Pleasant

When you come to Wiles Law Firm, we will listen carefully to all the details of your situation so that we can tailor our approach to suit your particular needs. Aware that changes occur frequently as the years pass, we regularly re-evaluate your estate plan to include protecting assets for the newly born, and to alter asset protections to recognize marriages, divorces, deaths, retirements, as well as bought or sold properties or businesses.

Ways to Protect Assets in Mt. Pleasant

There are a number of ways that Wiles Law Firm can help to protect your assets from creditors, unnecessary taxation, and lawsuits. These include:

$

Forming Limited Liability Companies (LLCs)

An LLC combines some characteristics of a corporation with some of a partnership or a sole proprietorship. It is an unincorporated business organization comprised of members rather than partners or shareholders. LLCs have the tax advantages of LLPs without the need to have a managing partner. Our asset protection attorneys know precisely what steps need to be taken to set up an LLC which will greatly simplify the process, including:

$

Appointing a Registered Agent

In South Carolina, establishing an LLC necessitates that an agent for service of process be assigned the task of agreeing to accept legal papers on behalf of the LLC in case the LLC is sued. State law requires that this registered agent must be either [1] a resident of South Carolina or [2] a business entity with authority to do business in the state. In both cases, the agent must have a physical street address in South Carolina.

$

Preparing an Operating Agreement

While it is not a legal requirement for an LLC to have an Operating Agreement in South Carolina, our attorneys strongly recommend that we create one for you in order to make certain that there is a legal document in which the rights and duties of each member are made crystal clear. The Operating Agreement also states important details about the internal management of the company, such as where meetings will be held and the process through which new members may be admitted.

Other Licenses and Requirements

Creating an LLC is a very efficient method of Asset Protection. Less expensive and time-consuming than most people assume, LLCs provide the following advantages:

$

Protect your personal assets from creditors collecting on business debts

$

Report income gain or loss is reported on personal income tax forms, allowing “pass-through taxation”

$

Increase credibility with employees, vendors, partners, and potential customers

$

Have fewer state requirements and more flexibility than S and C corporations

Irrevocable Trusts

Another important means of protecting your accumulated assets is through an irrevocable trust. Irrevocable trusts, as the name states, cannot be modified or terminated without court approval. Having transferred assets into the trust, the trustor surrenders all rights of ownership and control of the assets to the trust. Because the irrevocable trust takes the assets out of the trustor’s control, it avoids probate, estate taxes, and the claims of creditors.

Beneficiary Defective Inheritors’ Trusts

One especially helpful type of irrevocable trust when you’re trying to protect your assets is a Beneficiary Defective Inheritance Trust (BDIT). The advantage of a BDIT is that when assets are sold by a beneficiary to the trust, they are, in terms of gift and estate tax purposes, frozen. In addition, once a BDIT is in place, the beneficiary is able to receive future discretionary distributions from the trust. Because an independent third party is named as trustee, the assets will not be included in the value of the estate of either the trustor or the seller. Because of the complexities of setting up this type of irrevocable trust, it is critical that you use an attorney well-schooled in trust formation. 

At Wiles Law Firm, We’re Proactive

Once you engage the services of our highly capable attorneys, you can expect not only individualized attention but substantive assistance, in protecting your assets even before any attacks are made against them. We are experienced and insightful, well able to pick up holes in your coverage and offer you more protective options. We are dedicated to protect all of your assets,  including your home, any other real estate holdings, your bank accounts, and your investments. You can rely on Wiles Law Firm to keep you and your family protected in the future as well as in the here and now.

Contact Us

7 + 10 =