As tax attorneys, our firm's focus is one thing: protecting our client's assets. Whether this is done through tax planning, IRS defense, business formation, estate planning, asset management, divorce law, marital planning, loan workouts, settlement of debt, even defense against foreclosure - our work is devoted to protecting what you have and enabling them to maximize their values.
Technically, asset protection planning is the process of organizing one's assets and affairs in advance to guard against risks to which the assets would otherwise be subject. The phrase "in advance" warrants strong emphasis. Anyone planning to protect assets should be cautious and avoid the negative conseqeunces that might follow if there are creditors who are entitled to remedies under applicable laws. Asset protection planning should be applied to protect every type of asset, in every area of law, including protecting the assets of an operating business or a professional practice.
Safeguarding assets from the many risks involved is not a new idea or planning goal. Asset protection is more in the forefront of planning because of expanding legal liability. Asset protection must be addressed in the new legal arena because of concerns with the adequacy of traditional forms of protection.
Any plan must be flexible enough to provide options because litigation may not come from the originally identified party. The overall goal of any plan is for clients to ultimately prevail on their goals.
Tax planning encompasses every aspect of a client's business and personal life. Entity formation, movement of assets, sales and acquisitions, and personal planning relating to deductions, are all areas demanding proper care and planning.
Tax advocacy becomes important whenever the IRS or other taxing authority has assessed your income or assets for something you should not owe, or cannot pay. We work diligently with our clients to minimize any negative and unwarranted impact of an IRS audit, or any other claim of tax liability.
As Indiana estate planning attorneys, divorce lawyers, marital planning experts, and in other areas of legal counsel, we are trained and skilled in protecting your assets so you can live your life and direct your business as you choose.
Please contact the Thompson Law Office to schedule a consultation regarding your needs today.
