Estate Planning NYC

Asset Protection Planning

Will and Estate Attorney - Asset Protection Services

What is asset protection planning?

Asset protection planning involves the strategic design and implementation of numerous legal techniques, devices, and tools. These include, but are not limited to, the structuring of domestic and offshore companies, trusts, and other legal conveyances. We utilize these structures for the titling, ownership, and control of one’s assets to achieve a high degree of privacy, anonymity, and creditor protection of an estate.

A well-designed asset protection plan can act as a deterrent to litigation, provide substantial leverage in settlement negotiations of claims, and sometimes remove assets outside creditors’ reach. One of the primary objectives of asset protection is to own little (or nothing) yet control much (or everything). Moreover, planning for maximum anonymity and privacy can be a very effective asset protection tool.

Often, international companies and offshore trusts may be utilized to require a creditor to pursue his claim in the foreign jurisdiction’s courts to seize or attach the debtor’s assets which serves as an effective deterrent to litigation and or considerably enhances settlement leverage. For persons in professions or industries with a high risk of being sued, having a well-designed asset protection plan is critical to protecting your hard-earned assets and your progeny’s financial future.

The attorneys at WLG have the knowledge and experience to assist you in designing and implementing a well-designed asset protection plan to shield and protect you and your family’s hard-earned assets from aggressive creditors and claimants.

Complex Estate Planning - High Net Worth Clientele

For high-net-worth U.S. citizens, federal and state estate or inheritance taxes may, unfortunately, wipe out more than half of your assets and wealth earned over a lifetime that should be left for your family and loved ones after your gone. A simple will and trust, along with the standard exemptions and credits under the current estate tax regime, may be substantially insufficient to protect the lifetime assets of the high-net-worth person or family.

In these situations, complex estate planning techniques and tools, i.e., irrevocable dynasty/spendthrift trusts, qualified personal residence trusts, family limited partnerships/LLCs, charitable remainder trusts, and other complex devices are necessary to attain the maximum tax benefits under the current federal and state estate tax regimes, so more of your assets reach your family and loved ones instead of the IRS.
Furthermore, a complex estate plan will significantly facilitate the efficient distribution and allocation of your property to your family and loved ones in accordance with your wishes and affections. Experienced counsel with knowledge of estate planning strategies is required to craft a bespoke strategic estate plan that utilizes these complex estate planning tools and devices custom-tailored to your specific wishes, affections, family, and financial situation. The attorneys at the Warren Law Group have the knowledge and experience to provide customized estate planning solutions for our high-net-worth clients.

Wyoming Statutory Trusts

A Wyoming Statutory Trust is a trust created with the Wyoming Secretary of State for investment companies and Real Estate Investment Trusts (REITs). Wyoming Statutory Trusts are monitored and regulated by the Securities and Exchange Commission like other financial vehicles, but they are much more specific than ordinary investments and securities.

The benefits of a Wyoming Statutory Trust include state income tax advantages, robust asset protection measures through “self-settled trusts,” greater flexibility in trust management, a long duration of up to 1000 years, and strong privacy protections.

A trustee of a Wyoming Statutory Trust can be a private Wyoming LLC, making it different from regular trusts. You must seek out the service of a registered agent in Wyoming if you’re interested in this type of financial vehicle. The attorneys at Warren Law Group can help both determine if a Wyoming Statutory Trust is right for you and connect you with a registered agent.

International Clients and Commerce Guidance

Warren Law Group can help you set up and manage any international business structures that you are looking to create. During this process, we help international clients establish their brand in the United States, comply with government regulations, deal with the Foreign Account Tax Compliance Act (FATCA), plan for taxes, and serve as U.S. counsel.

At Warren Law Group, our lawyers also coordinate with attorneys in your home country to help you better understand how U.S. law operates. We often represent international clients in a variety of litigation and transactional matters throughout the United States. Our attorneys also handle litigation for our international clients in both foreign and U.S. jurisdictions.

Tax and Audit Services

Many businesses dread the possibility of being audited by the IRS. Therefore, if you receive a Notice of Audit from the IRS, you may feel anxious and concerned. You should never face an IRS audit alone. You need a competent and skillful tax defense attorney who has experience dealing and negotiating with IRS agents.

Warren Law Group can assist you by identifying any sensitive issues on your tax returns that may have triggered an audit and defending your company from potential penalties and fines. If you are facing a state tax audit, we can help you navigate your state’s tax processes and create an aggressive strategy for your state tax audit defense.

In a federal tax audit, you have the burden of proving that the income, credits, and deductions taken on your tax returns are legitimate. This makes an IRS audit especially stressful, complex, and sensitive. At Warren Law Group, our attorneys have extensive experience navigating the tax code and defending businesses from audits.

As a taxpayer, you should never ignore any notices sent by state or federal tax agencies. Ignoring an audit notice can result in severe consequences. For example, the IRS or your state tax agency will frequently send a “Notice of Proposed Assessment” with an arbitrary proposed increase to your tax liability. If you ignore the taxing agency, you will ultimately receive a notice of deficiency, which is also known as a 90-day letter.

Failure to respond within the deadline to a 90-day letter will result in the agency’s assessment and proposed tax liability being entered as a judgment against you. After that, the IRS or state tax agency will begin collection on your debt. This can seriously derail your business. You can avoid this fate by contacting a tax and financial services lawyer who can help.

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Meet Our Asset Protection Planning Attorneys

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