Asset Protection Law Journal : Asset Protection Lawyer & Attorney : Kenneth J. Laino : Schneider Smeltz Ranney & LaFond Law Firm : Trusts, Estate Planning

I recently received an inquiry from someone who will be entering law school in the Fall, and he is interested in becoming an asset protection attorney.  He asked what areas of law he should focus on.

While asset protection law has become somewhat of a specialty, it requires knowledge and experience in at least four areas of law: (i) litigation; (ii) business entities, particularly limited liability companies; (iii) debtor/creditor rights; and (iv) trusts and estates.

Asset protection involves careful judgment about what would ultimately happen in a courtroom under various circumstances.  An attorney who has participated in some trials and who has taken and defended depositions will more likely have a good idea what will happen in a lawsuit brought by one of your creditors.  Experience with limited liability companies, limited partnerships and trusts is also important.

An attorney who went to law school in the Cayman Islands will not necessarily be a very good choice as an asset protection attorney.  A good asset protection lawyer does have to know about domestic and foreign trusts.  But he or she must have a broad enough background in several other areas of law in order to provide meaningful advice about the best ways to protect your assets.

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It is probably just a sign of the times, but my law firm seems to assist more and more people each year with prenuptial agreements.  These agreements are important from an asset protection standpoint.  Many of the assets accumulated during your marriage will be subject to claims of your spouse if you get divorced.  A prenuptial agreement can identify separate property and keep it separate.  It can insulate that property in the event of a future divorce.

Prior to any marriage in which either party already has significant net worth, consideration should be given to a prenuptial agreement.  This is particularly true in the case of a party who has already been divorced, who has inherited substantial family wealth, or otherwise has assets he or she wants to keep separate.

Whether or not to enter into a prenuptial agreement is a personal decision and must be based on the particular facts and circumstances of each case.  Each party to a marriage brings many things to the marriage (some good and some not so good!).  But if you want to keep certain assets protected in the event of a divorce, you need to consider a prenuptial agreement.

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The Dow Jones industrial average fell 324 points last Friday, its second worst slide of the year.  The drop pushed the stock market back into a "correction" -- meaning a decline of at least 10% from its recent high.

While I remain optimistic about the economic future of our country, we obviously face great challenges in the coming years.  Stock market volatility is here to stay.  General economic conditions remain uncertain; and competition from abroad will be a constant challenge.  So it remains critical to examine your assets from time to time (business and personal) and consider how well they are protected from creditors.

If you are a resident of Florida and own a home in Florida, and most of your assets are in IRA's and qualified plans, you have little to be worried about from an asset protection standpoint.  On the other hand, if you live in Northeast Ohio and a significant portion of your assets are invested in a family business, it is vitally important that you consider how well your assets are protected from creditors.

Many people focus on asset protection after some economic disaster strikes them.  By that time it is often too late.  The time to focus on protecting your assets is now -- before you have any creditor problems.

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