Domestic Asset Protection Attorneys from Mortellaro Law routinely design custom strategies to help clients “stretch” and “protect” their hard-earned wealth. Stretching helps wealth grow and minimizes liabilities while protecting reduces threats that could take wealth away. Wise estate planning and asset protection plans include both.
Amassing wealth is a worthy goal that requires hard work, dedication, careful planning, and strategic decision-making. Mortellaro Law’s Florida Domestic Asset Protection Attorneys help you protect your assets from creditors and predators while maximizing their growth. This is the essential function of asset protection.
What is Asset Protection?
Asset protection involves taking measures to safeguard your assets from lawsuits, creditor claims, and other threats. This includes protecting your personal assets, such as your home and personal property, and your business assets, such as your company’s intellectual property, real estate, and other investments. Asset protection planning is essential for anyone who wants to protect their hard-earned wealth from potential risks and liabilities.
Stretching Your Wealth | Domestic Asset Protection Attorney
Maximizing income tax deferral and wealth accumulation while minimizing tax liability is key to stretching your wealth. Our Florida Domestic Asset Protection Attorneys can help you achieve this goal in several ways. For example, they can help you structure your investments tax-efficiently, such as using trusts, limited liability companies, and other legal entities. They can also evaluate all options for minimizing tax liability and the erosion of savings that results from paying too much in taxes.
Another important tool for stretching your wealth is retirement planning. Mortellaro Law can help you develop a comprehensive retirement plan that takes into account your specific financial situation and goals. This can include a range of strategies for reducing taxes in your golden years, including taxes on Social Security benefits, and may even be able to show you how to enjoy a tax-free retirement.
Protecting Your Wealth
Protecting your wealth from creditors and predators is another important goal of asset protection planning. A Florida Domestic Asset Protection Attorney can help you develop a comprehensive asset protection plan that takes into account your specific risks and liabilities. This can include strategies for protecting your personal assets, such as your home and personal property, as well as your business assets, such as your company’s intellectual property, real estate, and other investments.
One key tool for protecting your wealth is insurance. Our domestic asset protection attorneys can help you evaluate your insurance needs and find the right policies to protect your assets and mitigate your risks. This can include liability insurance, property insurance, and other types of coverage that can help protect your assets in case of a lawsuit or other type of claim.
A Word About Domestic Asset Protection Trusts
A Domestic Asset Protection Trust (DAPT) protects assets from creditors and civil judgments. It is similar to any other trust, where a grantor establishes and funds the trust with assets for specific beneficiaries and appoints a trustee to manage the trust assets. The trustee must comply with the guidelines of the trust.
However, in Florida, a grantor’s assets are not protected from seizure if he or she is also named as a beneficiary in the trust. Florida law and several court challenges have established that creditors and those seeking judgments against a grantor have full access to the beneficial interest in the income or principal from a DAPT “self-settled” trust where the grantor is also named as a beneficiary.
However, if a Florida resident establishes a DAPT in a DAPT-friendly state, and more of the trust’s assets, beneficiaries, and trustees are situated in that state, the higher the likelihood that DAPT-friendly state’s laws will apply to the trust. In other words, the Florida resident who established the trust as a grantor may enjoy that state’s protections from creditors and others.
Domestic Asset Protection Attorney Michelangelo Mortellaro can provide more information and legal counsel in a private consultation at his Tampa office.
Get Help from a FL Domestic Asset Protection Attorney in Tampa
Stretching and protecting your wealth is a complex process that requires careful planning and strategic decision-making. Mortellaro Law has Tampa Domestic Asset Protection Attorneys who can help you achieve these goals by developing a comprehensive asset protection plan that takes into account your specific risks and liabilities. With the right strategies and tools in place, you can enjoy the peace of mind that comes with knowing that your hard-earned wealth is protected and secure. Contact Mortellaro Law today to learn more.
