Asset Protection

Serving Clients Throughout Virginia

Office Hours:
Monday–Friday
9 a.m.–5 p.m.

Member:
Hampton Roads Estate Planning Council

American Bar Association
of Real Property

National Academy of
Elder Law Attorneys

Affiliate of the Hampton
Roads Citizens' Committee
to Protect the Elderly

Founding Member of
the Hampton Roads
Hospice Alliance

Virginia Wesleyan College President's Advisory Council

Elder Couple, Estate Planning in Virginia Beach, VA

Asset Protection Strategies

We currently live in an overly litigious society. Most people have a moral grasp of right and wrong, but this does not protect us from accidents, business decisions, medical situations, long-term catastrophes and circumstances we cannot control. The most basic of all human needs is security. Forming an Asset Protection Plan gives you security and control over your assets.

When we refer to assets, we are referring to a person's home, car, furniture, savings, investments and business. Essentially, assets are anything of value that can be seized by another resulting from a lawsuit, court order or through the action of a government agency. In reality, everything worth value is worth protecting.

Installing the Proper Insurance:

When the subject of Asset Protection comes up, one of the first things that come to mind is insurance. In fact, acquiring insurance is usually the first step to a good Asset Protection Plan. Life, property, casualty, liability and disability are all important methods that provide this protection. J.S. Burton, encourages the coordination of proper insurance with your Asset Protection Plan.

Asset Protection Trusts:

Another method of asset protection are Trusts. An Asset Protection Trust should manage your assets while you are alive and make provisions for you to maintain control and enjoyment even under creditor attack. This is why you must protect your assets before the attack. In the proper circumstances and with proper construction, various types of trusts serve to detour creditors and diminish the incentives that they may have for taking your assets. Some types of trusts maintain a higher level of privacy while they legally hold up under duress.

Depending on the assets you seek to protect, it is possible that a plan can encompass your business and family affairs entirely. Although estate planning is important, a standard Revocable Living Trust alone will not stand the test of creditors.

However, a properly structured Asset Protection Trust will still allow you to control your assets, avoid the hassles of court controlled probate and provide and safe guard assets for your beneficiaries after your death.

Corporations, Partnerships and Limited Liability Companies:

Corporations have long been recognized as excellent forms of asset protection. However, the liability protection or "corporate veil" afforded to corporations alone may not be enough to keep your assets safe. Just as inheritance is passed on, so to can liability pass on to you personally as the shareholder or partner. However, if you plan effectively, you can wrap some of your assets into a corporation or limited liability company to provide you additional security.

J.S. Burton understands that every situation is unique and encourages you schedule an Asset Protection consultation.