While asset protection is an essential component of any estate planning strategy, asset protection is also integral to basic business planning. Thoughtfully tailored and comprehensive asset protection and succession plans are crucial to maintaining long-term health of any business and the people it supports, especially a family-owned business.
Asset protection is not a one-time scheme; offshore corporations, Alaska trusts, and other popular asset protection vehicles can sometimes be more dangerous than helpful. Purveyors of these products offer limited support, or even disappear after the initial set-up and client funding.
Our approach is to shape asset protection as a long term and flexible strategy that serves both personal and business goals. Through sound, informed and long-term planning, our clients can protect what they have worked hard to build without inviting the regulatory scrutiny of other untested and marginal schemes present in the market.
ASSET PROTECTION IN WYOMING
Wyoming was the first US state to implement LLC legislation in 1977 and today offers some of the strongest asset protection statutes in the US such as:
Asset Protection Trusts. Formally known as “Qualified Spendthrift Trusts” these instruments can provide protection from creditors, liabilities and judgments.
Charging Orders & LLCs. Wyoming’s newly revised limited liability company legislation gives maximum protection for investors by limiting a creditor’s rights to a judicial charging order as the exclusive remedy by which a judgment creditor may satisfy judgment. A creditor cannot foreclose on or otherwise force a transfer of a member’s interest in a Wyoming LLC.
Privacy. In contrast to Nevada and other popular jurisdictions, Wyoming does not require the manager or the members of a Wyoming LLC to be listed in a public database.
DISCLAIMER: The Wyoming State Bar does not certify any lawyer as a specialist or expert. Anyone considering a lawyer should independently investigate the lawyer’s credentials and ability, and not rely upon advertisements or self-proclaimed expertise.