Brody Wilkinson’s asset protection practice is built on the combined strength of the firm’s Business and Trusts & Estates Groups. Our attorneys work collaboratively to develop sound plans designed to preserve and protect clients’ wealth from potential risks through established and commonly used strategies. Risks may arise from both business and personal circumstances such as failed business ventures, personal injury claims, divorce and the breakdown of other personal relationships, and alcohol and drug addiction. In addition, certain professions necessitate asset protection planning because they carry significant inherent risk that cannot be adequately addressed by insurance alone. Physicians, real estate developers and investors, builders, investment managers and lawyers all have tremendous exposure to legal risks and require proactive protection.
Our attorneys employ a variety of wealth preservation strategies to protect clients, including:
- Domestic asset protection trusts
- Dynasty trusts
- Family limited partnerships
- Limited liability companies
- Third-party trusts
We provide advice and guidance to businesses and families regarding:
- Avoiding fraudulent transfer
- Bankruptcy planning
- Choice of business entity
- Premarital planning
- Professional liability concerns
- Tax planning
- Title XIX planning
- Use of available state & federal exemptions
- Use of trusts in asset protection
Representative matters include:
Creation of a “nest-egg” asset protection trust in Delaware whereby a percentage of a client’s wealth was put into a trust to shield these assets from potential liability.
Representation of parents in setting up a “spend-thrift” third-party trust for a child vulnerable to potential business risks as a means to preserve his inheritance.
Development of an asset protection plan for a client engaged in the pharmaceutical industry who was concerned that the high-risk nature of his business could expose him to significant liability.
Representation of a parent and his two children to whom he made substantial gifts in planning and creating two asset protection trusts in Delaware to harbour the childrens’ new wealth from unknown liabilities.
Development of an estate plan for a physician couple who were concerned about protecting the assets of their deceased spouse from potential malpractice claims brought on behalf of the surviving spouse.