The Hard-Shell Nest Egg

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Who Needs a TAPT?
In general, asset protection planning is needed by any person who has assets which may be subject to a risk or peril. The type of risk or peril is normally the possibility or probability of attachment, execution, garnishment, or levy by a secured or judgment creditor.

The degree or likelihood of such risk or peril is based on the person or client and the number of "peril" factors associated with the client. "Peril" factors associated with a client may include: (a) a client whose liabilities are almost as great as, equal to or exceed his or her assets; (b) a client engaged in a start-up business venture; (c) a client engaged in a high risk business venture, such "high risk" to include businesses traditionally subject to large tort claims or workers compensation claims or businesses with a high incidence of bankruptcy; (d) a client with periodic or sporadic income sources; (e) a client who is a professional such as a physician, lawyer, accountant, architect, engineer or other professional licensed by the State of Tennessee; (f) a client who is a business owner who wants to protect his or her personal assets from creditors of the business; (g) a client who is elderly or disabled and who has foreseeable medical or skilled care liabilities; (h) a client who has a taxable estate for federal estate and state inheritance tax purposes; (i) a client whose beneficiaries of his or her estate at the client's death have "spendthrift" issues such as disability, alcoholism, drug addiction, bankruptcy, divorce, or creditors claims; (j) a client who is entering a second marriage and desires to protect premarital assets for children by a previous marriage in the event of death or for himself or herself in the event of divorce; or (k) a client who is worried about losing his or her assets to an unforseen and unpredictable creditor or event such as an automobile accident or malpractice.