Simple Steps to Protect Assets
Proper Planning
Take Action Now.

Asset planning and estate planning are designed to protect one from economic risks. The Classic Economic Risks included.

a) Taxes. Income, capital gain, and excise taxes can be managed and minimized by a proper investment strategy. Estate and gift taxes (excise) are minimized by estate planning.

b) Creditors' claims. [Tort and Contract.] These claims are minimized by adequate insurance and the use of limited liability entities to conduct business.

c) Divorce. [Dissolution of Marriage.] This risk is minimized by pre-nuptial [ante-nuptial] and post-nuptial [during marriage] agreements.

d) Disappearance. [Theft.] This risk is minimized by insurance, the use of accountants to guard against misappropriation, and by controlling the access to bank accounts and credit cards, etc.

e) Fraud. [Scams.] This risk is minimized by asking the questions: Do I need this, does it make any sense, does it seem too good to be true, what do my accountant, financial planner and attorney advise.

Be careful who you trust - don't get scamed by people making promises which are not realistic

Have adequate insurance to protect you from claims for negligence and to provide you with a defense 

Use separate entities for separate activities. Use separate corporations or limited liability companies to conduct and contain risky activities

Asset protection generaly does not save income taxes. Anyone who tells you that an asset protection plan will save income taxes is almost certainly wrong. 

Do not be a general partner. 

Hire an ccountant. A good accountant can help you put procedures in place to prevent you from being defrauded by employees or partners. An accountant can also keep you informed as to whether your business is making money which is often not the same as having money coming in the door. Profit and cash are not the same. 

Take action now, before a claim arises. 

Take the time now to prepare an estate plan for your family. 

Don't over do it.

Consult with your attorney

Consider the following
1. Family Limited Partnerships
2. Family Trusts
3. Use of Corporations and Limited Liability Companies
4. Manner of ownership of property 
5. Discretionary Trusts 

Use you financial team
Financial Planner

If its too good to be true it probably is.
Pure Trusts and Constitutional Trusts 
Offshore Trusts
Foreign Trusts and Bank Accounts


Law Office Of
Larry A. Henning, P.C.
Attorneys and Counselors At Law

Telephone (303) 333-9800
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