Asset Protection entails shielding
wealth from the claims of involuntary creditors arising from
law suits, divorce, disability, bankruptcy, catastrophic
illness and similar events. Advance planning is essential to
success; the Fraudulent Transfers Act nullifies transfers
after the debt has arisen. Most forms of property interests
and ownership have their own unique asset-protection
qualities, and there are various contracts of insurance
available to manage the risk, e.g. to cover costs of long-term
care. Business owners are acutely aware of the need to limit
liability and may form a Limited Liability Company or
Corporation to this end, but they often fail to observe
certain legal formalities and lose the anticipated protection.
Protecting inherited assets is another concern. For example, a
"spendthrift trust" is designed to manage and use
funds for the benefit of a person who needs help managing
money.
Depending on the client's
situation, protecting one's wealth may involve simply
investing in "protected" assets or it may involve
more advanced techniques such as domestic and offshore trusts,
businesses and products.
Business Formation & Succession
Planning is an integral part of asset protection; it involves
establishing the division of duties and reconciling
expectations; crafting an appropriate "exit
strategy;" training personnel to carry on the business;
and providing a source of retirement or disability income to
the client or death benefit to survivors. The goal is the
orderly transfer of ownership interests. If the successor -
often the owner's child or key person - is not adequately
prepared for the task, the client's retirement income is at
risk; the business will either fail or be sold. In any event,
efficiency and productivity are key elements required to
protect the client's interests and goals. Particularly in
family businesses, the second generation has difficulty
focusing on business needs and working together. An
independent professional trained in resolving conflicts and
promoting harmony is often the key to future success. Mr.
Mangini has developed and continues to develop alliances with
independent, dedicated professionals who excel in helping
businesses thrive.
Attorney-
at- Law
35 Court Street
Freehold, New Jersey 07728