• Skip to primary navigation
  • Skip to main content

Krueger Hernandez & Thompson SCEstate

Attorneys at Law

  • Home
  • Our Firm
    • About Our Firm
    • About The American Academy
    • Attorney and Staff Profiles
    • Communities We Serve
      • Adams County
      • Columbia County
      • Dane County
      • Madison/Middleton Area
      • Sauk County
  • Estate Planning
    • Asset Protection & Business Planning
    • ESTATE AND GIFT TAX FIGURES
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Pet Planning
    • SECURE Act
    • Special Needs Planning
    • Trust Administration & Probate
  • Practice Areas
    • Business Needs
    • Divorce / Family Matters
    • Injuries and Adverse Reactions To Vaccines
    • Real Estate
  • Resources
    • Estate Planning Resources
      • Estate Planning Checkup
      • Estate Planning Definitions
      • Estate Planning Reports
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Frequently Asked Questions
      • Estate Planning FAQ’s
      • Frequently Asked Questions for Families Without an Estate Plan
      • Legacy Wealth Planning FAQ’s
      • LGBTQ Estate Planning Frequently Asked Questions
      • Trust Administration & Probate Frequently Asked Questions
    • LGBTQ Resources
    • Pre Consultation Form
    • Special Needs Resources
    • Trust Administration & Probate Resources
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • The Mourner’s Bill of Rights
      • Trust Administration & Probate Definitions
      • When a Loved One Passes Away With a Trust
      • When a Loved One Passes Away With a Will
  • Testimonials
    • Review us
    • Our Testimonials
  • Webinars
    • Legacy Wealth Planning
    • Medicaid Planning
  • Blog
  • Contact Us
  • Call Us Today (800) 431-9776
  • Attend Free Webinar
    • Medicaid Planning
    • Estate Planning
  • Show Search
Hide Search
Home / Estate Planning / Are You Familiar with these Asset Protection Strategies?

Are You Familiar with these Asset Protection Strategies?

Stephanie Thompson, Estate Planning Attorney of Krueger Hernandez & Thompson SC · May 19, 2016 ·

asset protection

Creating an asset protection strategy may be the best thing you ever do. This one step could be just what you need in order to avoid a serious situation down the road.

But here is the million dollar question: which asset protection strategy is best for you? While there are many ways to move forward with this, you need to focus on the details that will put you in the best position to succeed.

While not always the case, many people who are interested in asset protection strategies are business owners. We discuss this on our website, noting the following:

“More so today than ever before, Americans are realizing the benefits of starting their own business. With this in mind, a growing number of people are entrenched in the business planning process. By making the right decisions now, it is easier to ensure success today as well as in the future.”

What Strategy is Best?

When it comes time to choose an asset protection strategy, you need to become familiar with all your options. This is the only way to guarantee that you make the right decisions at the right time.

Here are several ideas to consider:

  1. Buy sell agreement. With a buy sell agreement in place, there are a variety of tax advantages available to your family business.

Even more important is the fact that you have a better way of ensuring that your children are provided for once you have passed on.

  1. Family limited partnership. Although this sounds complicated, it is anything but that. With a family limited partnership, you gain protection from lawsuits. Along with this, it can help you reach many of your estate planning goals.

Creating a family limited partnership can be tedious and time consuming, so make sure you know what you are doing every step of the way.

  1. Lawsuit and asset protection. Unfortunately, lawsuits are all too common in today’s day and age. This is why you need to protect your company at all times. If you neglect to do so, there is always the chance that a predator could file a lawsuit in an attempt to capitalize on your wealth.

But here is the good thing: there are many strategies to help protect your money in the event of a lawsuit.

  1. Limited liability company. Also known as an LLC, this company structure allows you to receive liability protection along with a variety of tax advantages.

This is not the right structure for every business, but it’s an idea to consider. With this in place, you receive a high level of personal protection if a lawsuit is filed against your company.

One or More Strategy?

With so many asset protection strategies to consider, at some point you need to make a decision as to which one is best for you and your finances.

While some people choose one of these strategies, others realize that they can implement several in order to reach their goals.

There is no right or wrong way to protect your assets. The best thing you can do is compare the pros and cons of each strategy, and then make a decision based on what you think is best.

What matters most is that you are confident in the strategy you employ.

If you still have questions about asset protection, as well as other estate planning details, we are here to help. For example, you can learn more by downloading our free report entitled “Dangers of Do-It-Yourself Wills and Living Trusts.”

With this in hand, you will have a better idea of the risks associated with do-it-yourself estate planning. On the surface, this often appears to be a good idea. But soon enough, you realize that it can cause more harm than good.

When it comes to estate planning, there is nothing more important than knowing what’s available to you. This means answering questions related to everything from asset protection to wills and trusts.

It’s not always easy to implement an asset protection strategy, but once you have this in place you will feel much better about the future. There is nothing better than the feeling of being protected.

  • Author
  • Recent Posts
Stephanie Thompson, Estate Planning Attorney of Krueger Hernandez & Thompson SC
Stephanie Thompson, Estate Planning Attorney of Krueger Hernandez & Thompson SC
As the owner of Krueger Hernandez & Thompson SC, it is Stephanie’s mission to address each client’s goals for their estate plan. By identifying their wishes and concerns she can educate, guide, and counsel on the different tools and options that will effectively and efficiently accomplish those goals.
Stephanie Thompson, Estate Planning Attorney of Krueger Hernandez & Thompson SC
Latest posts by Stephanie Thompson, Estate Planning Attorney of Krueger Hernandez & Thompson SC (see all)
  • The Questions of Estate Planning, Part 6: Why - January 6, 2020
  • The Questions of Estate Planning, Part 5: How - January 2, 2020
  • The Questions of Estate Planning, Part 4: Where - December 30, 2019

Estate Planning

Blog subscription

MIDDLETON

8215 Greenway Blvd, Ste. 590
Middleton, WI 53562
United States (US)
Phone: (608) 824-9540
Fax: (608) 824-9140

BARABOO

120 Third Street, Unit A
Baraboo, WI 53913
United States (US)
Phone: (608) 356-3961
Fax: 608-824-9140

By Appointment Only
All Mail Should be Directed to the Middleton Address

Opening hours

Monday7:00 AM - 5:30 PM
Tuesday7:00 AM - 5:30 PM
Wednesday7:00 AM - 5:30 PM
Thursday7:00 AM - 5:30 PM

Map

map for Krueger Hernandez & Thompson SC Estate ofice

Se Habla Español
Nous Parlons Français

  • Facebook
  • LinkedIn
  • Twitter

© 2021 · American Academy of Estate Planning Attorneys, Inc. | Disclaimer | Privacy Policy | Sitemap | Contact Us