At B&M, we understand that our clients, particularly closely held business owners and entrepreneurs, have worked long and hard accumulating their wealth. Unfortunately, the accumulation of significant wealth increases the risk that someone may assert a legal claim against you, your family or your business. If the business owner's reward for hard work and dedication is economic wealth and family prosperity, it stands to reason that asset protection plans should be put in place to protect the fruits of that labor.

Asset protection planning is the process by which assets are placed beyond the reach of future creditors through the use of advanced planning techniques. For both conventional estate planning and asset protection planning, B&M's approach requires information regarding the client's financial condition and dispositive goals (both during life and upon his or her death). Typically, both estate planning and asset protection planning employ similar tools such as wills, trusts, family limited liability entities, outright gifts and gifts in trust, among others. The traditional goals of the estate plan are (1) to preserve and protect the client's assets for the benefit of his or her family (and other beneficiaries) following their death and (2) reducing transfer taxes and avoiding probate costs and delays. Asset protection planning expands these goals to include preserving and protecting the client's assets for the benefit of the client and his or her family during the client's lifetime.

Asset protection planning techniques can be simple, such as re-titling the ownership of an asset into the name of a client and his or her spouse, or advanced, such as forming a domestic or off-shore asset protection trust of which the client is a beneficiary. Other techniques involve forming a separate business entity or partnership to hold assets for a client and his or her family. As one would expect, there is no "one size fits all" asset protection strategy. B&M attorneys understand the need for asset protection planning and that each client's circumstances are unique.

At B&M, we advise our clients on the risks they face and the asset protection measures available to mitigate those risks. By integrating asset protection strategies in our planning process, we develop a complete estate and asset protection plan that provides the client with a comprehensive strategy for preserving his or her wealth.