CLIENT PROFILE:
Real Estate Owner/Investor or Business Owner with concerns about potential or pending personal guarantee claims from $ ½ million to $20 million relating to mortgage foreclosures, bank loans, landlord claims or vendor claims. Client hopes to protect equity in various assets and avoid personal bankruptcy.
CLIENT’S PROBLEMS:
•Bank Claims against Guarantor of Bank Loan or Mortgage
•Bank Claims on Guarantor of Partnership or LLC Loan
•Creditor Claims against Real Estate Investments
•Landlord Claims on Lease Guarantee
•Judgment Creditor Claims
CLIENT’S ASSETS TO PROTECT:
Liquid Assets:
• Cash
• Bank Accounts
• Stock and Bond Accounts
• Retirement Accounts
• Spouse’s Investments and Assets
• College Savings for Children and Grandchildren
Income Assets:
• Wages
• Partnership Distributions and Dividends
• Business Income and Commissions
Investment and Business Assets:
• Stock in Privately Held Corporations
• Membership Interests in LLC’s
• Partnership Interests
Real Estate Assets:
• Apartment Building Investments
• Commercial/Industrial Building Investments
•Cabins and Second Homes
GOALS AND RESULTS:
•Make you an unattractive target for creditors
•Reduce expectations of creditors
•Change the way creditors evaluate your assets
•Lay the groundwork for favorable settlements
•Keep control of your assets
•Sleep better and worry less
TECHNIQUES AND TOOLS:
•Utilize LLC’s to protect assets (find out how powerful this can be)
•Utilize 401k’s rather than IRA’s to protect retirement assets (bulletproof)
•Revise language in LLC documents to prohibit distributions to members facing charging orders – add poison pill
•Protect and save non-debtor spouse income
•Shift investment distributions
•Use secured lines of credit to protect cash and assets equity
•Replace distribution income with W-2 income
•Understand collector’s viewpoint and use it to your advantage
PROCEDURE TO GET STARTED:
• Call for free 15 – 20 minute review of your situation
• Set appointment to survey your assets and consider your concerns about creditor threats. At the first meeting, we will discuss what steps you can take to better protect your assets immediately. We will look at the big picture and lay out likely scenarios relating to dealing with creditor threats and consider likely outcomes.
• If you decide that you want to move forward with an Asset Protection Plan, you will fill out a detailed questionnaire. David Hoiland will prepare a comprehensive written plan for providing protection to each of your assets and for dealing with each creditor threat.
• The Asset Protection Plan will be implemented by you and David Hoiland as appropriate to you personal situation.
FEES AND COSTS:
• No charge for 15-20 minute phone review of your situation with attorney
• $500 for first meeting look into the details of your situation and determine what may be done to better protect your assets immediately
• $2,500+ for preparing Asset Protection Plan
• $2,500+ for implementation of Asset Protection Plan
• Hourly charges for defending collection suits and negotiating with creditors
