Asset protection is a core legal area of the Steps Law practice. Asset protection means structuring wealth (asset ownership) to secure it against claims, whether from misadventure or litigation.
Asset Protection starts with a blueprint to identify the exposure to risk of your assets. After identifying the risk exposure we can provide advice on structuring to protect your assets. Where analysis of a client shows that assets are at risk, various alternatives are available to restructure the exposure to risk.
Where assets are exposed to risk, the preferred approach is to separate the ownership of the asset from the entities subject to risk. For pre-existing structures, separation of ownership may trigger liabilities for capital gains tax and stamp duty. In those cases, Alternatives can often be identified which don’t involve triggering a taxing event for income tax, CGT or stamp duty.
As the Principal of Steps Law is dual qualified as a Chartered Accountant and solicitor, we are uniquely positioned to provide the most effective solution.