While the recent tragic deaths of notable fashion designer Kate Spade and celebrity chef and television personality Anthony Bourdain highlight the importance of discussing mental health, they also force one to consider what it means to have a firm asset protection plan in place before disaster strikes.
Asset protection involves protecting one’s assets from creditor claims within the boundaries of debtor-creditor law. At the time of their deaths, both Spade and Bourdain were separated from their respective spouses, but not divorced. This is a legally murky situation that makes asset protection more complicated than usual. But the Spade and Bourdain families are not alone. According to Forbes, about 50% of U.S. marriages end in separation or divorce. While the vast majority of that percentage is divorce, a significant number of these marriages hover in permanent separation. Asset protection typically recognizes married couples as units. In divorce, ex-spouses become potential creditors and threats to assets. Where does that leave couples who are still married but separated?
Jacob Stein, Esq., a partner at California based Maximum Asset Protection, and one of the nation’s most sought-after asset protection attorneys says, “In a situation where a couple is separated, there are several factors to consider. Is there a will in place? Are there any kids from the marriage or a previous marriage? I tell my clients that a good asset protection plan is not static. It should always be updated to account for any life changes.”
Luckily, being prepared can go a long way. And with the help of the top asset protection attorneys in Los Angeles, a workable plan for protecting assets and securing peace of mind is obtainable.
About Maximum Asset Protection:
Maximum Asset Protection has been protecting clients’ assets for over 20 years. With clients ranging from small business owners to foreign investors with a net worth of over $1 billion, the trust attorneys at Maximum Asset Protection are driven to preserve assets.
There is no single recipe for constructing an asset protection plan. That is why the trust and estate attorneys at Maximum Asset Protection work with each client to figure out the best structure to secure his or her assets. Whether it is through a limited liability company (LLC), a trust, or an offshore structure, Maximum Asset Protection can help tailor a plan for each individual circumstance.
“As a bankruptcy lawyer, my clients often seek my advice on issues relating to or touching on asset protection,” said Andrew Goodman, one of LA’s leading bankruptcy and insolvency attorneys. “Quite often proper estate/asset planning is a much better option than bankruptcy. In those situations I refer them without hesitation to Jacob Stein. Jacob is tops in his field and has always taken good care of my clients. I have used his services for my clients many times and will continue to do so in the future.”
“Jacob Stein is my go-to resource for complex transaction planning, choice of entity issues and asset protection,” said Cheryl Hodgson, an intellectual property attorney specializing in copyright and trademark issues. “I have, and will continue to, refer many of my clients to him.”
About Jacob Stein, Esq.:
Jacob Stein is an attorney who specializes in asset protection and advanced tax planning. The author of multiple books, Mr. Stein has represented a variety of clients, ranging from small business owners to directors of Fortune 500 companies. Mr. Stein regularly lectures on topics such as asset protection, advanced tax planning, and trust law to other figures in the field and to his students at the CSU, Northridge Graduate Tax Program where he is an adjunct professor of taxation.
Read more about Jacob Stein here: https://maximumassetprotection.com/about
Call our Encino, California office during regular business hours, Monday through Friday 9 AM – 5 PM.
Phone: (818) 935-6057
Maximum Asset Protection
16000 Ventura Boulevard, Suite 1000-B, Encino, CA 91436