Asset Protection
Ensure that the assets you’ve built up today remain with your family tomorrow, regardless of what the future holds.
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— Shield Your Legacy
Protect Your Assets With Proven Strategies
When your assets aren’t properly protected, a single lawsuit or financial setback can put everything you’ve built at risk, including what you hope to pass on to your family.
Personal liability can come from many places: running a business, working in a high-risk profession, lawsuits, bankruptcies, failed investments, or economic downturns.
With an experienced asset protection attorney on your side, you don’t have to face those risks alone. Randy Sparks and his team use proven, practical strategies to help you implement an asset protection plan that is clear, flexible, and designed to protect your wealth—now and for the future.
— Our Commitment
Trusted Experience for a Secure Future
With more than 15 years of experience in trust and estate planning, we help protect what matters most to you and your family. Our approach is clear, responsive, and approachable, so you always understand your options and never feel left in the dark.
By understanding your goals upfront, we can design a plan that aligns with your priorities. You will know what to expect at every step, including pricing and timelines, so there are no surprises. When you choose Randy Sparks as your asset protection attorney, you can move forward with confidence.
Specific Asset Protection Services We Offer
Let us take the stress out of future planning by creating protection strategies that are practical and easy to understand. We help ensure you have the right coverage in place so your assets stay protected and unnecessary risks are avoided.
— Safeguarding Your Assets
Asset Protection Trusts
The most effective way to keep your assets safe from personal liability exposure is through an asset protection trust. An asset protection trust allows you to take some “chips off the table” so they’re not subject to your potential risk exposure. Obviously, everyone has different assets and a different background coming in. So shouldn’t your trust be personalized as well?
The beauty of your asset protection trust is that it’s created specifically for your unique situation. This may be a Self-settled Domestic Asset Protection Trust or a Third Party Asset Protection Trust; it’s all based on what your needs are and what will work best for you. Other types of trusts which are designed for advanced estate tax planning also provide asset protection, so you’ll never have to worry.
— Separating Personal Assets
Limited Liability Companies (LLCs)
Operating businesses should be organized in some type of business form, such as an LLC or a Corporation. This creates a protective barrier between the business and the business owners. The advantage of this is that the liability exposure that comes from business operations remains inside the business itself.
If operated properly, this protective barrier cannot be crossed, which safeguards the business owner’s personal assets from any liability arising within the business. For example, many people own rental real estate, which is best owned by an LLC in order to isolate the liability from the owner’s personal assets; this also makes it more flexible for taxes.
— Your Planning Partner
Choose a Professional
Who Truly Cares About
Your Outcome
If you are unsure which type of asset protection is right for you, you are not alone. Randy Sparks helps you identify the approach that fits your situation and protects what you have built for your family’s future. There is no need to navigate complex decisions or added stress on your own.
Reach out today to get professional asset protection designed to help you feel confident, informed, and prepared for what lies ahead.
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What does it mean to 'fund' a trust?
“Funding” a trust means that you are switching the ownership of the trust from your own name to the name of your trust itself.
What happens if a trust is not funded?
If your trust isn’t funded, when you pass away, your beneficiaries will have to go to Probate Court since the trust is empty. They’ll have to work with an attorney and judge to obtain the proper permission to move the assets into the trust.
What is a Domestic Asset Protection Trust?
In order to initiate this type of trust, you must be in an eligible state that allows a DAPT to be created. This is a trust that allows you to guard your assets against future lawsuits or creditors while still letting you receive money from the trust.
What is the Tax ID of my revocable trust?
While you’re alive and the trust is managed by you, the Tax ID is just your SSN. After you’ve passed away, your trust will need a new Tax ID, which becomes an EIN.
Should my rental properties be in an LLC?
Putting rental properties and other assets into an LLC can be beneficial because the LLC can offer certain protections for these assets. However, it’s a good idea to consult with an attorney beforehand to make sure this move is the right one for you and your situation.
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Secure Your Future
Whether you need a simple will or a complex multi-generational asset protection trust, Randall Sparks Law is here to guide you. Let's build a plan that lasts.
If you're unsure if your specific situation fits our practice, please reach out! If we cannot help you, we'll point you in the direction of someone who can.
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