DuPage County Asset Protection Attorneys
Experienced Business Litigation and Estate Planning Lawyers Serving Oak Brook, Hinsdale and Elmhurst, IL
When much is given, sometimes much is demanded. What happens when those demands threaten to destroy the foundation you have worked to establish? You need a trusted advocate keenly focused on protecting your good name, your wealth, and your right to thrive in your respective industry. If you are a business owner, physician, or high net worth individual facing a civil action, Farooqi & Husain Law Office is at your service.
Our DuPage County asset protection lawyers are skilled business litigators with the legal acumen to protect your portfolio and help you choose strategies that put you at an advantage. Align with a business litigation and estate planning firm with proven success in helping clients keep assets secure. We have successfully assisted businesses and individuals obtain favorable results in civil matters.
Delivering Effective Asset Protection Strategies
While we can employ strategies to protect your assets at any time, the best results come from working proactively. Taking the time to evaluate your assets and finding ways to keep them secure before being faced with a civil matter makes sense. To that end, we offer tested options and help you choose the right mix for your portfolio. Some asset protection options include:
- Irrevocable Trusts - This type of trust has terms that cannot be changed once established. Its purpose is to hold the property of the trust creator for the benefit of a specific party of parties. Doing so protects properties held within a trust from litigation against the trust creator. An Irrevocable Life Insurance Trust (ILIT) is an example of this type of trust.
- Family LLC - This type of limited liability company provides named parties with protection from creditors and offers estate and inheritance tax savings. It can be created by a business or an individual. Membership is limited to family members related by blood or marriage.
- Adequate Insurance - It is important to make sure that you have enough liability insurance. Having too little poses a serious financial risk. At a minimum, you should consider having enough to cover your net worth.
Other considerations for asset protection include refraining from commingling assets, reviewing joint accounts, and formalizing business relationships. When it comes to business ventures and relationships, gray areas are risky. Be sure to protect your interests by forming an LLC or corporation. Remember, being a sole proprietor means you are the sole entity that may be sued by another party.
Accurate Asset Protection in Oakbrook Terrace, IL
If you have extensive assets, you need a plan to keep them secure. Contact our experienced asset protection attorneys today. Call 630-909-9114 to set up an initial consultation. At Farooqi & Husain Law Office, we will listen to your concerns and help you understand your options. We serve clients located in DuPage County, Kane County, and throughout the surrounding city and suburban areas.