Practice Area
Asset Protection
Asset protection is planning ahead for lawsuits, creditors, and the cost of long-term care. It is done in the open, under Illinois law, before a problem shows up.
What it is, and what it is not
Asset protection is not hiding assets. It is not dodging a debt you already owe.
It is arranging what you own, ahead of time, so one bad event does not take everything you have saved.
Asset protection is not just for billionaires. The wealthiest families have always kept what they built out of easy reach. The same tools work for a family with a home, savings, retirement accounts, or a business. You do not need a family office to plan like you have one.
The risks differ from family to family. A lawsuit. A creditor. A divorce. A business debt. A long stay in a nursing home. I start by finding which ones apply to you.
The tools I use
Long-term care planning
A long stay in assisted living or a nursing home can use up savings quickly. I plan for how that care would be paid for, including Medicaid, and for what stays with a healthy spouse. Some wartime veterans and their surviving spouses may also qualify for a VA benefit called Aid and Attendance.
Irrevocable trusts
A revocable trust does not protect assets from your creditors, because you still control them. An irrevocable trust can, if the plan is built and handled right. You give up some control in exchange.
LLCs and family limited partnerships
An entity can keep a business or an investment separate from what you own personally. If it is set up and run the right way, a claim against the entity generally stays with the entity.
Out-of-state and offshore trusts
Some families look at a trust set up under another state's law, or outside the United States. These fit a narrow set of situations. I will tell you plainly whether yours is one of them.
Your home
Illinois law protects a limited amount of the equity in your home from certain creditors. I look at how your home is titled and how that fits with the rest of the plan.
Insurance
Liability and umbrella coverage is the first line of defense. I check that your coverage and your legal plan work together.
Why early planning works
Asset protection works when it is done before a claim comes up.
Moving assets after a lawsuit or a claim has started can be undone by a court.
So the time to plan is when things are quiet. No claims. No lawsuits. No health crisis.
Planning early also leaves you more choices. Some of these tools need time to do their work.
If you own a business
A business brings its own risks. The right entity keeps a claim against the business apart from your home and savings, if it is set up and run the right way.
A buy-sell agreement says what happens to an owner's share after a death, a divorce, or a falling out. A succession plan names who takes over, so the business does not have to be sold in a hurry.
I look at the entity, the agreements, and your estate plan together.
What clients have said
“I have known Brandon for some years, and I have always noted his readiness to assist a friend or a client ito understand how to approach estate planning. I am now starting my own estate planning relationship with him and am looking forward to great results. He is a pro and knows the law….but he is also personable and cares about his clients and relationships.”
“My family turned to Brandon in a time of need and he delivered. We had to get a trust put together before on of our elderly parents passed away. Brandon came to the house and spoke with my 86 year old father in law in a comforting manner and led us through the process. We could not be happier with how he treated my father with compassion and understanding.”
These are individual clients' words about their own experience. Every family's situation is different, and no result is promised.
How I work
I start with the risks
Every family's risks are different. I find out which ones apply to you before I suggest anything.
Plain English
I explain each tool, what it does, and what it costs you in control. You should understand what you sign.
Early, not late
I plan before a problem shows up. I do not move assets to dodge a claim that already exists.
One attorney
You work with me from the first conversation to the signing.
Common questions
- What is asset protection planning, and is it only for billionaires?
- It is arranging what you own, ahead of time, so it is harder for a future lawsuit or creditor to reach. It is not just for billionaires. The wealthiest families have always planned this way, and the same tools work for anyone with a home, savings, a business, or retirement accounts. The point is that one bad event should not undo a lifetime of work.
- Isn't asset protection just about hiding assets from creditors?
- No. Lawful asset protection is done in the open and before any claim exists. It uses ordinary tools: trusts, LLCs, and insurance. Moving or hiding assets after a claim has come up is a different thing, and a court can undo it. I only do the first kind.
- How does long-term care planning fit into asset protection?
- Long-term care is one of the larger risks to a retiree's savings. A long need for assisted living or nursing home care can use up what a couple has saved. I plan for how that care would be paid for and what stays with a healthy spouse or the next generation. Trusts are often part of it. Timing matters, so earlier is better.
- What is the difference between a revocable and irrevocable trust for asset protection?
- A revocable living trust is a good tool for avoiding probate and for managing things if you cannot. It does not protect assets from your creditors, because you keep full control. With an irrevocable trust, you give up ownership and some control. In exchange, those assets can be harder for a creditor to reach, if the plan is built and handled right.
- Can an LLC or Family Limited Partnership (FLP) really protect my personal assets?
- It can, when it is set up and run correctly. The entity owns the business or the investment, and you own the entity. If a claim comes out of what the entity owns, the claim is generally limited to what is inside it. Your home and personal savings sit outside. The entity has to be kept separate from your personal finances for this to hold.
- When should I start asset protection planning?
- Before there is a problem. These tools work when they are in place ahead of a lawsuit, a creditor, or a health event. Once a claim is in view, the choices narrow. If things are quiet right now, that is a good time to look.
Start with a conversation
The first conversation is free. It is called a Legacy Mapping Session. Answer a few questions, then pick a time.
Book a Legacy Mapping Session