Asset Protection Lawyer Chicago IL
As a company matures, it may gain assets over time. Even a new business usually starts with a number of assets that are intrinsic to its operation. Because assets are associated with a monetary value, they can be targets to outsiders for any number of reasons. Our asset protection lawyer in Chicago IL from Childress Loucks & Plunkett assists business professionals with advance planning techniques to make their assets unavailable to potential creditors. Call us today for a complimentary consultation to learn how we can help your company.
What is asset protection?
Asset protection involves careful planning with the help of an experienced asset protection lawyer in Chicago IL such as one from Childress Loucks & Plunkett. Depending on the unique circumstances of a client, we tailor a solution that protects their assets using legal, proven, and effective business planning techniques. In some cases, this may include the use of offshore trusts. By leveraging these methods, a company can protect its assets against possible future creditors. After a detailed analysis of your company’s assets and other financial considerations, our asset protection lawyer in Chicago IL can provide you with the informed guidance necessary to make the right decisions.
What type of companies might benefit from asset protection?
Any company with assets might benefit from asset protection, but it is not necessary in all cases. We encourage you to contact us at Childress Loucks & Plunkett to speak with our asset protection lawyer in Chicago IL who can help you decide if this is a strategy you should pursue. Those who commonly turn to asset protection are businesses and individuals involved in high-risk professions or commercial sectors. These include:
- Real estate developers and investors
- Physicians and medical facilities
- Attorneys
- Business owners and companies, especially if they are at high risk for lawsuits
What is an offshore trust?
As our asset protection lawyer in Chicago IL might explain, any trust that is formed in a jurisdiction beyond the borders of the United States is considered an offshore trust. Assets held by an offshore trust are managed by a trustee who is designated as such by the assets’ owner. This is a common method that is used in asset protection planning and one that may be of benefit to your company. Your asset protection lawyer can provide more detail as to the pros and cons of an offshore trust as they pertain to your company’s circumstances.
Asset Protection Planning Can Pay for Itself
An asset protection lawyer in Chicago IL from Childress Loucks & Plunkett can help your company realize significant savings on your liability insurance coverage. This savings can be realized in as little as one year, but after an analysis of your financial portfolio, your asset protection lawyer can provide a clearer timeline. Asset protection can eliminate the need for umbrella coverage that you may currently be paying in addition to the minimum amount of liability insurance that you may need.
To learn more about how Childress Loucks & Plunkett can assist your company, call us today to request a complimentary consultation with our asset protection lawyer Chicago IL professionals turn to for guidance.