The first of our services is to develop an effective plan for holding titles, interests, and rights that protect individual and corporate assets fromcreditors.
In order to design an effective plan, Whitehall needs to gain a thorough understanding of the client’s financial affairs and circumstances. Whitehall needs to become familiar with the client’s assets & liabilities, insurance coverage, pending disputes, litigation, along with the client’s goals and objectives.
As we gather client information we share it with our advisory group made up of both a domestic and international law firm, aUS tax expert and a foreign trust company we often use. Sometimes we include a transfer agent, an offshore bank and aUK brokerage firm. In most situations, we are able to arrive at a consensus with our advisors as to the most effective method of redeploying our client’s assets.
After we have gotten feedback from our advisors and formulated an effective plan, Whitehall will then make recommendations on how each significant asset is to be protected and managed. If modifications are desired by the client we figure away to incorporate the change while maintaining the protection.
Clients can elect to engage Whitehall to prepare their asset protection plan as a stand alone service. We always domesticate our entities in diverse jurisdictions for two reasons. The first so that we have the most favorable laws available to protect the type of entity to be established and secondly to require a creditor to engage separate legal for each state or country.
Concurrently with analyzing the most advantageous jurisdictions to be selected is determining how the client can protect their interests in assets transferred and continue to benefit from their assets. The most common methods used are aTrust Protector, appointed by the client, who has a veto over transfers by a trustee and the use of an LLC, managed by the client, to manage the trust assets.
Whitehall has the ability to formulate an effective asset protection plan that will redeploy exposed assets to a safe position without violating any laws or regulations. We will also design the entities to hold the protected assets and the means for the client to protect and control his interests in the assets. All of the above will be accomplished without our client or ourselves violating a single statute or regulation.
Retain Lawyers After Legal Jurisdictions Known Until an asset protection plan is formulated and its implementation determined, nobody knows the jurisdictions involved and therefore the laws that will apply. Once the jurisdictions are known, Whitehall will recommend skilled and
experienced lawyers licensed in the appropriate jurisdictions.
Is it wise for a person with substantial assets in California to hire a highly regarded asset protection lawyer licensed in New York?
Is it wise for a person with substantial assets in California to hire aCalifornia lawyer to form an asset protection trust in Switzerland?
Is it wise to hire aCaymen Island lawyer to form aNevada Asset Protection trust?
If a client resides in Texas and the plan called for aColorado Asset Protection Trust and an LLC located in the British Virgin Islands Whitehall would recommend three lawyers. The first licensed in Texas, the second licensed in Colorado, and the British Virgin Islands.
The combined legal fees for these three lawyers will be substantially less than hiring a lawyer who is an expert at asset protection but not an
expert in the laws of jurisdiction involved.
Once the client’s lawyers have been engaged Whitehall will be available to these lawyers to support their work however requested. Unless
requested by our client, we do not supervise the lawyers we recommend because we know them to be well qualified and responsible