Protection Planning in Missouri
Lawsuits, taxes, accidents, and other financial risks are facts of everyday life. And though you’d like to believe that you’re safe, misfortune can befall even the most careful person.
A Warning About Fraudulent Transfers
If a court finds that your asset protection plans were made with the intent to defraud, it will disregard those plans and make the assets available to creditors. So, how can you avoid running afoul of the fraudulent transfer laws?
Part of your overall protection plan might include repositioning assets to make it legally difficult for potential future creditors to reach them. This does not, however, extend to actions that hide assets or defraud creditors.
Make sure your plans are made for legitimate business purposes or to accomplish legitimate estate planning objectives. Carefully document the legitimate business and estate planning purposes of any arrangements you make.
Put your plans into effect before you have any problems with creditors. Do not implement a plan at a time when a lawsuit is imminent or pending or at a time when you have an outstanding debt that you believe you may be unable to pay.
Work with your professional advisors to identify your potential loss exposure and implement strategies that are designed to help reduce that exposure without compromising your other estate and financial planning objectives.
What is Protection Planning?
There are three basic asset protection techniques: insurance, statutory protection, and asset placement. None of these techniques is a complete solution by itself but may make sense as one limited component of a protection plan.
Identify your risks, both property and financial, and consider the possible losses associated with each risk. The simplest way to cope with risk is to shift the risk to an insurance company. This should be your first line of defense.
Quantify your potential losses, review your existing insurance coverage, then explore your insurance options. Because an insurance-needs analysis can be pretty complicated, it is best to work with an insurance professional to figure out what types of insurance policies you should buy and how much coverage you actually need.
Creditors can’t enforce a lien or judgment against property that is exempt under federal or state law such as your personal residence, retirement accounts, and life insurance and annuities. While exemption planning can’t offer total protection, it can offer some shelter for certain assets.
Both federal and state laws govern whether property is exempt or nonexempt in nonbankruptcy proceedings. When looking at exemption laws, be sure to find out how much of an exemption is allowed for a particular type of property — it may be completely exempt or exempt only up to a certain amount or restricted in some way.
Asset placement refers to transferring legal ownership of assets to other persons or entities, such as family members, LLCs, corporations, and trusts. The basis for this technique is simple — creditors can’t reach property that you do not own or control.
An LLC is a hybrid of a general partnership and a corporation. Like a partnership, income and tax liabilities pass through to the owners (members), and the LLC is not double-taxed as a separate entity. And, like a corporation, an LLC is considered a separate legal entity that can be used to own business assets and incur debt, protecting your personal assets from claims against the LLC.
In Missouri, tenancy by the entirety (TBE) is a form of property ownership available only for married couples; it provides asset protection benefits because of the unique nature of the ownership structure. In TBE, both spouses jointly own the property as a single legal entity, each having an equal and undivided interest in the property.
If one spouse incurs a debt or is sued, the TBE property is generally exempt from claims by the creditor of that spouse. This is because neither spouse acting alone can transfer property out of tenancy by the entirety; the consent of both spouses is required. As a result, creditors cannot enforce a lien on any TBE property if only one spouse owns the debt.
Richard A. Russell
Attorney-CPA
If you are like most people, you want a plan to make sure your loved ones are taken care of and your affairs are in order but you have put it off for a long time.
And it feels like you are carrying the weight of the world on your shoulders when you think about all the decisions to be made.
I walk you through the process one step at a time, teach you what you need to know, make sure you understand the ins and outs of your plan, and give you the support and tools you need.
Richard A. Russell
Attorney-CPA
If you are like most people, you want a plan to make sure your loved ones are taken care of and your affairs are in order but you have put it off for a long time.
And it feels like you are carrying the weight of the world on your shoulders when you think about all the decisions to be made.
I walk you through the process one step at a time, teach you what you need to know, make sure you understand the ins and outs of your plan, and give you the support and tools you need.
HAVE QUESTIONS BUT DON'T KNOW WHERE TO START?
Book a No-Charge Consultation
Take the first step toward protecting your future.
Schedule a free, no-obligation call with Richard today and get your questions answered.
LLC and Trust Protection
LLC and Trust Protection
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Solutions for Missouri Families and Businesses
Trust Planning
Do you want to avoid the time, expense and publicity of probate
Do you want to protect your inheritance for your beneficiaries
Have you funded your trust so as to avoid probate at your death
Business Planning
Do you want to protect your personal assets from creditors of the business
Do you want to protect the business assets from your personal creditors
Does your business operate in one or more markets or have more than one brand
Estate Planning
Have you or a loved one recently moved to Missouri
Have there been recent changes to your family situation (kids, divorce, etc.)
Have you made a change in your job/career or retired
Protection Planning
Do you have the proper insurance coverages and amounts to shield your assets
Have you used Missouri statutory protections to safeguard your wealth
Are your business and personal assets
placed to maximize protection and minimize risk
Probate
Which assets and accounts do or don't have to be probated
Who is responsible for opening and administering the probate estate
Who pays the funeral expenses, credit cards and medical bills after death
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Why Choose Us?
Personalized Attention
We don't believe in one-size-fits-all solutions. Every client works directly with Richard to receive customized legal guidance tailored to their unique needs and goals.
Local Expertise
Serving Southwest Missouri, Richard is a solo lawyer who understands the needs of local families and businesses. His advice is grounded in practical, local experience.
Clear Communication
Legal matters can feel overwhelming—Richard simplifies the process by explaining everything in plain language, so you can make informed decisions with confidence.
Caring Approach
Whether you’re planning for your family’s future or handling a loved one’s estate, Richard handles every matter with empathy, professionalism, and respect.
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Contact
Richard Russell Law
405 N Jefferson Ave #1024
Springfield, MO 65806-1110
Phone: (417) 233-1661
Toll Free: (877) 852-1187
Fax: (417) 413-2658
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Mon - Fri 8:00 - 5:30
Saturday By Appointment
