Asset Protection Planning in Colorado | Boulder Asset Protection Lawyer

As a Boulder asset protection attorney, James Newell routinely helps clients with asset protection planning. Asset protection planning can be defined as a method of the arranging ownership, control and management of a one’s asset’s in a manner designed to reduce the risk of litigation, to maximize privacy, and to reduce the ability of creditors to seize the value of those assets. There are a variety of tools in an asset protection planning attorneys’ toolkit to achieve the foregoing objectives, and the weight given to each objective by each client will help give shape and life to the process, which is tailored to the needs of the client.

Generally speaking, the asset protection planning process should be combined with estate planning, as the more seamless the estate and asset protection plan, and the longer it is in place, the more likely it will stand up to any attempted legal attacks. Similar to buying a life insurance policy, asset protection planning is something that you’ll want to do well in advance of any knowledge of any creditors who pose a threat to your assets. If you’re thinking about asset protection planning after being sued or a claim likely to lead to a suit has arisen then, unfortunately, it’s almost certainly too late to successfully conduct asset protection planning to avoid the potential “claw back” function of the states’ fraudulent transfers/voidable transactions statutory frameworks for the claim at issue.

If you’re unfamiliar with asset protection planning, a natural question might be: “why would an asset protection structure be necessary in the first place?”

While the reasons why my clients seek assistance with asset protection planning vary from person to person, from the 10,000’ level, the overarching reasons for asset protection planning can be summarized within this quote from author Joan Didion: “… the secret point of money and power in America is neither the things that money can buy nor power for power’s sake … but absolute personal freedom, mobility, privacy.” By and large, my asset protection clients seek asset protection planning services for the same reasons they work so hard during their careers to acquire and maintain their wealth: to maximize their personal freedom, mobility and privacy. That might take the form of the kind of financial freedom and mobility provided by an overseas asset protection trust. Or the kind of freedom from want and peace of mind potentially afforded by an LLC structure that provides a bulwark of protection from the total loss of one’s personal assets, in the event a worst-case scenario lawsuit. Or the privacy that can be afforded, to varying degrees, through the surgical use of various asset protection planning structures.

Those goals are often achieved in different ways for different people. Many people don’t want or need a metaphorical Fort Knox to protect their assets, with all its attendant costs and expenses of upkeep. Instead, what most people need is a truly durable and fire-proof safe located within their own home. Depending on your needs, we could develop and implement an asset protection plan akin to the latter, the former, or both. Each asset protection plan is unique and what suits you best is going to depend on a number of factors, including how much time, energy, and expense you’re willing to put into it. Very often, we can strike a balance that results in considerable protection for you without excessive costs, administrative requirements, or time commitments being required to maintain your asset protection planning structure. So, if you are interested in asset protection planning, please reach out to Newell Law to schedule a consultation and we can work together to determine a way forward on a plan that will be well suited to your needs.

If you are looking for a Boulder Asset Protection Attorney with a results-oriented approach tailored to your matter’s specific needs, contact Newell Law. We have the expertise and knowledge to ensure you are well informed and protected when it comes to asset protection planning.