Lawyer Monthly - March 2023

About Thomas VanNess III Thomas VanNess III is a highly experienced attorney who has worked with thousands of families, from small business owners to high net worth families, to accomplish their wealth transfer and tax objectives. He prides himself on staying ahead of the estate and tax planning curve, keeping abreast of the alwayschanging legal and financial landscape and integrating the latest techniques and strategies into his practice. He is also a frequent speaker on legal topics, having spoken at national tax conferences, NFL retreats, the University of Miami and the National Business Institute. Contact Thomas VanNess III Founder VanNess Law, PLLC 2101 NW Corporate Blvd, Ste 410, Boca Raton, Florida 33431, USA Tel: +1 561-927-9027 E: strategies. For asset protection strategies to work well, most strategies must be implemented well in advance of any potential creditor issues. In the cases where asset protection strategies fail, it is usually because the person waited too close to the act or omission which gave rise to the liability. The other cases where asset protection strategies fail are where bad acts or fraud is committed. Asset protection strategies protect good people from falling prey to frivolous lawsuits and bad decisions. Why is it essential to consult an asset protection specialist prior to attempting to protect one’s assets in this way? The law is full of nuance, and having a technical expert well-versed in asset protection strategies can put clients in a position of power rather than having to play defence when disaster strikes. One of the first things a litigator will try to do is determine if the debtor has sufficient assets to recover if they are successful in a lawsuit. An experienced asset protection specialist can increase clients’ chances of their assets not being discoverable or, if their assets are discoverable, that the law makes them unavailable to the creditor. THOUGHT LEADER 69 Trusts are frequently used in tandemwith LLCs and LPs to provide the client with greater protection, control and anonymity.

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