"Foresight as to the unforeseeable is always preferred to regretful hindsight."
Asset protection is one of the more overlooked, but critical aspects of law that our firm and its affiliates have vast experience and can be of invaluable help to the protection of your business and personal finances. Clients often wait too late to contact our offices and, in hindsight, could have saved years of stress and potential financial ruination if they simply had the foresight to create some practical, cost-efficient structures to legally avoid creditors. Most clients do not realize that the time to employ asset protection is before a claim or lawsuit is filed against the client; otherwise, the client's assets may be subject to the Uniform Fraudulent Conveyance statute applicable to most states. Fortunately, there are still valuable options for the client who has already been sued and want to avoid a creditor taking his/her business or personal assets. The Sacks Firm has many debtor-friendly structure options to legally evade even the most aggressive and sophisticated creditors, although again, it is strongly advised that you retain our services before a claim arises, as it will magnify your chances of avoiding the stress and anxiety of being subject to collection upon some unforeseen claim, lawsuit and/or judgment. Timely creation of asset protection structures ranging from the simple and inexpensive (such as Limited Liability companies) to the complex, such as offshore trusts, can be employed to ensure you are the closest thing to judgment-proof. Even the manner in which you hold ownership in your business entities should be explored at the outset of representation, depending on your financial status and the type of business you are conducting. For illustrative purposes only, if you have a high net worth and own significant real estate holdings, obtaining each property through separate, multi-member LLC's which are owned through an irrevocable trust may be optimum, whereas, if you were a start-up company with no significant assets, a single or multi-member LLC may be the most cost-efficient way to protect against collection, depending on the particular state in which you incorporate. In sum, some smart, cost-efficient, forward-thinking at the time you create your business may save you invaluable time and money in the future, while providing the peace to sleep easy at night to know your assets are protected against creditors. A final word on the State of Florida, it would be remiss if we did not mention that Florida may very well be the most debtor-friendly state throughout the United States. That is why you hear so many people move to Florida to avoid their creditors. That is by design, and no doubt the result of legal consultation from an attorney familiar with Florida law. One of the more unique aspects of Florida's debtor-friendly laws is the Homestead Exemption, which often allows even the most unsavory of characters to stay in their home as long as they continue to pay their mortgage. In short, since the homestead exemption is written into the Florida Constitution, absent very limited circumstances, no creditor can touch your home. Therefore, if you are concerned about asset protection, buying a home in Florida and filing a homestead exemption might be a great way to get started. Since the firm also handles real estate law and has a close working relationship with a Title Company, we can assist you in this legal endeavor as well. This is but another example of why we stated on the Home page of our website that it is our hope that The Sacks Firm can be that high-level, one-stop shop for all your current and future legal endeavors.