MIAMI, May 1, 2014 /PRNewswire-iReach/ -- Selecting an asset protection attorney can be a daunting task, especially when so many inexperienced attorneys advertise asset protection services. So how can you weed out the bad from the good? We have developed this list of twelve questions that should be asked of every asset protection attorney before they are retained.
(1) How long have you been implementing asset protection plans?
Too often an attorney will advertise the number of years he has been admitted to practice law. This can be deceiving, as he may have recently switched his area of practice. Instead, ask how long he has been practicing in the area of asset protection. See if he can point you to his articles or publications that show his years of experience in this specific area.
(2) Will your firm provide federal tax compliance guidance?
Offshore asset protection requires intimate knowledge of tax law. Look for a firm with extensive experience in tax. Ask if they will guide your CPA in preparing the necessary tax returns.
(3) How many asset protection structures have you implemented?
The answer you are looking for is "hundreds". Think of asset protection like complex surgery. If you needed open heart surgery, you would want the surgeon that has successfully performed the procedure hundreds of time.
(4) What portion of your practice is dedicated to asset protection planning?
Many estate planning attorneys purport to practice asset protection planning, but inquiry reveals that 90% of their practice is devoted to other matters. You want the attorney that does offshore asset protection all day, every day – 100%.
(5) What is your rate of success?
Anything less than 100% should have you concerned. Why did the creditor reach the client's assets if the structure was implemented properly?
(6) Can you point me to third parties that can recommend your services?
Attorneys who focus their practice in offshore asset protection work with trust companies, protector companies, financial advisors, and perhaps CPAs, to properly implement the structure. Ask for the contact information for some of those third parties, and see if they recommend the attorney. Ask the third party how much experience the attorney has in the field and how many structures he has implemented with them.
(7) Does your practice represent creditors?
An attorney may focus his practice in asset protection structures, but primarily represent the creditors seeking to bust up the structures. Make sure the attorney's experience and successes are in implementing structures, not representing creditors or only acting as an expert witness.
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About Donlevy-Rosen & Rosen, P.A.
Donlevy-Rosen & Rosen, P.A. is law firm with a national practice focused on asset protection planning and offshore trusts. Attorneys Howard Rosen and Patricia Donlevy-Rosen co-founded the firm in 1991, and have since become internationally recognized authorities in the field of asset protection planning. On the web: http://protectyou.com.
About Patricia Donlevy-Rosen, Esq.
Donlevy-Rosen is the author of "Asset Protection Planning," a Tax Advisors Planning Series book published by Research Institute of America. She concentrates her practice in the protection of immovable assets such as real estate. Full bio: http://trustne.ws/pdr.
About Howard Rosen, Esq.
Rosen, an attorney and Certified Public Accountant, is the founding author of the BNA Tax Management Portfolio "Asset Protection Planning" (1994, 2002), and is considered an authority on offshore asset protection planning. Rosen was an adjunct professor at the University of Miami School of Law for twenty years. Full bio: http://trustne.ws/hdr.
Media Contact: Sam Phillips, Donlevy-Rosen & Rosen, P.A., 800-417-7134, firstname.lastname@example.org
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SOURCE Donlevy-Rosen & Rosen, P.A.