Asset Protection Strategies

Wealth Preservation Planning

Asset Protection against Creditors, Taxes and Lawsuits

Protecting and managing your assets during life is just as important as preserving them for heirs after death. Through sophisticated strategies, the Upper Marlboro, Maryland estate planning lawyers of the Law Office of DeCaro & Howell help clients develop a comprehensive plan to shield assets from future threats without yielding control.

An asset protection plan creates the most effective buffer against claims by creditors and estate taxes. Most traditional trusts are not asset-protected, and those that offer some protection (e.g., irrevocable trusts) require that you cede control.

For those assets most at risk, DeCaro & Howell can help establish an asset-protected self-settled trust. This is commonly achieved through an offshore trust in a jurisdiction (such as Cook Island) that does not recognize most creditor claims or judgments in U.S. courts. To collect on a judgment, the creditor must file suit in the offshore court and meet a high burden of proof that funds were placed offshore with intent to defraud.

You can be the beneficiary of the trust to maintain complete control without technically owning the assets. Alternatively, as for business success planning, you can name a trustee and other beneficiaries.

Asset Protection Planning

The key to protecting assets from lawsuits is establishing a plan well in advance. For example, the federal gifting limits of $12,000 allow the gradual transfer of wealth to heirs by placing assets in a trust. If the gifting occurs within the proscribed "look back" period, those gifts will be considered preferential transfers and can be reversed and claimed by creditors.

Partners Thomas F. DeCaro and Marla Howell offer more than 40 years of combined legal experience. Mr. DeCaro is also a CPA and former IRS tax specialist with unique tax avoidance insights. Their extensive knowledge of asset protection strategies enables maximum wealth preservation while retaining access to what you own.

We represent clients throughout the Washington, D.C. metro area, including suburban Maryland and northern Virginia. Call 301-464-1400 or contact us online to arrange a confidential, one-on-one consultation with a qualified attorney.