What makes a good asset protection attorney?
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.
