The avoidance of disastrous unintended liabilities such as a judgment against you for an uninsured or uninsurable event is one of the most important services an attorney can provide a client. For businesses this involves intelligently and realistically assessing the inherent risks of your operations and activities and doing everything reasonably and cost-effectively possible to prevent damage from thoses risks. Good contract drafting and maintenance of business formalities (such as filing Annual Reports to avoid an untimely administrative dissolution) are just the beginning. Multiple entity planning and especially the use of single-member LLCs is increasingly recommended. For individuals, asset protection starts with a good insurance program and basic estate planning documents such as a will, revocable trust and powers of attorney. For the sophisticated client with particular needs or risks, this also calls for a Family Limited Partnership (or LLC) and a variety of special trusts including Irrevocable Life Insurance Trusts (ILITs), Intentional Defective Irrevocable Trusts (IDITs), Supplemental Needs Trusts (SNTs), and foreign and domestic Asset Protection Trusts.
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GRAVES MAY, PLLC | 5700 Oleander Drive, Wilmington, NC 28403 | Phone 910-790-9944