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Asset Protection

Building wealth takes hard work, strategic planning, and risk. Maintaining that wealth and growing it is a responsibility to oneself, one’s family, and even more importantly, the generations to come. Our asset protection team works with clients on custom-designed plans to reduce liability and exposure and secure your financial legacy.

Why Choose Skabelund?

John Skabelund has been recognized as one of America’s top 1% percent lawyers. By way of a 10+ year career in one of Arizona’s largest equity firms, he has developed a deep background in law and finance. He leverages that experience to craft asset protection plans that are custom-tailored for each individual client.

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John Skabelund has been recognized as one of America’s top 1% percent lawyers. Book an appointment now.

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What is Asset Protection?

Asset protection comprises the legal and financial strategies used to secure assets – property, businesses, cash, financial instruments and investments — from claims made by creditors. Creditors are not just debt collectors; they also engage in litigation. Common life issues such as car accidents, personal injury and longer-term health problems can leave your assets vulnerable to creditors and hospitals.

That said, working with a thoughtful and visionary asset protection attorney can help you “wall off” assets from creditors, while preserving your lifestyle. Finding the right mix can be challenging, but it’s a challenge we welcome at Skabelund.

Types of Asset Protection

There are several common types of asset protection techniques that you can employ to protect your wealth and minimize risk exposure.

Common asset protection strategies include:

  • Domestic asset trust protection (DAPT)
  • Foreign asset trust protection (FAPT) or offshore asset protection
  • Bridge Trusts™, which are irrevocable trusts that combine the strength of a purely foreign APT. Bridge Trusts™ protect your assets while still making them available to you.
  • Limited liability entities (LLCs, LPs, FLPs, etc.)
  • Insurance policies

DAPT: How does it work?

One commonly used asset protection tool is the creation of a domestic asset protection trust (DAPT). DAPTs allow individuals to transfer assets into an irrevocable trust while retaining some control or beneficial interest. This can shield assets from potential creditors under many circumstances.

How Can a Limited Liability Entity Protect My Assets?

An effective asset protection strategy frequently deploys limited liability entities, such as limited liability companies (LLCs) or limited partnerships (LPs). By structuring ownership of assets through these entities, individuals can separate their personal assets from business or investment assets, limiting personal liability.

Additionally, insurance policies, including life insurance and liability insurance, can serve as asset protection tools by providing financial protection in the event of unexpected events or claims.

Asset Protection Trusts

Asset protection trusts (APT) shield individuals’ assets from their creditors by storing them in a trust. Asset protection trusts can protect you from creditors, lawsuits, or judgments against your estate. APTs can even prevent costly litigation before it begins, or they can improve the outcome of settlement negotiations. 

Get in Touch With Our Asset Protection Attorneys

Our asset protection attorneys have extensive experience handling asset protection and estate matters. We understand the importance of preserving and safeguarding your hard-earned assets, and we’re dedicated to providing personalized strategies tailored to your specific needs. Our founding attorney, John Skabelund, has owned successful real estate and consulting firms, which provides us an insider perspective to asset protection. We will ensure your custom plan aligns with your circumstances and goals.

We have successfully handled estates worth upwards of $100 million and offer years of experience in the field. Our personalized approach, combined with our in-depth knowledge of Arizona asset protection laws, allows us to provide effective and tailored solutions to safeguard your wealth.

Frequently Asked Questions

What Is a Bridge Trust™?

The Bridge Trust™ takes all the asset protection advantages of an Irrevocable Trust and then builds on it, by offering clients’ greater access to their money and potential tax advantages. These often involve offshore accounts.

Why Is an LLP Stronger Than an LLC?

The differences between a Limited Liability Partnership (LLP) and an LLC generally revolve around what level of involvement a business owner will have in the day-to-day operations of the enterprise. If an owner will have a limited management role, the LLP setup allows them reduced liability.

How Do I Protect My House?

The most straightforward way to protect one’s residence from creditors is to put the property in an Irrevocable Trust. Once five years have passed, the family home has protection. Whether the straightforward plan is the best plan will depend on the specific situation of each client.

What Are the Most Common Mistakes in Asset Protection?

When it comes to asset protection, mistakes are made when firms rely too much on a single, out-of-the-box solution and not enough to a broad-based plan. One example might be relying too heavily on Medicare for long-term health needs. A blanket transfer of wealth to children while still living is another. The best asset protection plans can use these strategies, but in the right proportion.

Are LLCs Bullet Proof?

Bulletproof is an overstatement. A Limited Liability Corporation is a business structure that allows for some level of security, and it can certainly be part of a good estate plan. But silver bullet solutions don’t exist and should never be promised. Creative protection plans with real, multi-faceted depth are what we aim to provide our clients.

Take the Next Step in Preserving your Legacy

A lot of things go into asset protection and estate planning, but for us it’s all about one thing: legacy. The desire to see what one has built preserved and passed down to future generations. It’s about family, and our goal is to help you grow, preserve, and protect that family legacy. Here are some of our clients' most common questions:

How do I choose an asset protection lawyer?

The best place to start is by asking what kind of work and what kind of clients the asset protection lawyer has worked with before. At Skabelund, we believe we have something compelling to offer clients because of our track record working with high net-worth clients, including those with portfolios of $100 million. When we talk about the need to think outside the box and be strategic, we’re doing so from the posture of having done it before, many times over.

How do I protect my house?

The most straightforward way to protect one’s residence from creditors is to put the property in an Irrevocable Trust. Once five years have passed, the family home has protection. Whether the straightforward plan is the best plan will depend on the specific situation of each client.

Why Do I Need A Custom Tailored Plan?

Each person and each business is unique, with goals, plans, and concerns unlike anyone else's. A cookie-cutter template will only include the basics that are common to everyone. That almost certainly means client-specific issues get ignored—omissions that can be expensive if the right (or wrong) circumstances develop.

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What Our Clients Say About Us

"Responsive and Diligent"

John Skabelund was highly recommended to me by my accountant and I could not be more pleased! They have coordinated together to help me set up my relevant business and personal entities and assets in such a professional way that I feel confident moving forward. John is very responsive and diligent in his approach to my needs. I will happily work with him in the future.

Brian le SolarBee

"Christina and her assistant Kristi were amazing!"

Christina and her assistant Kristi were amazing! It took me a long time to get my husband in to get our affairs in order…even he admitted it was a fairly easy process and he’s glad we did it. I feel so much better knowing our wishes are now written down for our family and things will be taken care of in the event something should ever happen to us.

Lynn Kent

"A Breath of Fresh Air"

John and his firm are top notch in both knowledge and service excellence! I have enjoyed working with him in collaboration on several of my CPA client's situations. His process is straightforward and transparent. What he is doing for the industry is simply a breath of fresh air!

Adam Ripperdan

"They listened to what I had to say and then followed through"

I received excellent service from this company. They listened to what I had to say and then followed through with my wishes. My trust turned out exactly how I wanted it. I am very pleased.

Alison Stanford

"John and his team are great to work with"

I highly recommend Skabelund PLLC. John and his team are great to work with. Quick responses to our questions and very helpful when we asked for guidance. If you're looking for a new lawyer, this is your place!

Maryann Schaller

Ready to start your consultation?

Skabelund isn’t just there to draft the estate plan. As important as that is, we know that life changes, goals evolve, and the estate and business plan must adjust appropriately.

We meet with our clients on an annual basis and offer a subscription program for those who would benefit from even more frequent counsel. We’re there for clients in the event litigation arises. We’re with you for the long haul.

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