How to Use LLCs in Alabama Estate Planning to Protect Client Assets
Live Webinar: Tuesday, October 10, 2017
2:00 p.m. to 3:00 p.m.
WEBINAR SNAPSHOT: Learn how to help Alabama clients protect assets thought the establishment of LLCs, while earning valuable CLE.
Are you taking advantage of LLCs to structure asset protection when executing estate planning in Alabama?
Asset protection planning using a LLC or other entity is not based on hiding of assets or an attempt to defraud existing creditors or those with pending or threatened claims against one. It’s the timely planning against possible future contingencies before “the storm clouds are on the horizon.”
A LLC and its series protects client assets for the benefit of the members from future, unanticipated, contingencies and risks (such as litigation involving individual family members) that could jeopardize ownership if held individually. Segregating certain assets within the LLC from other LLC assets by utilization of different series further minimizes business or litigation risks. For family entities, ownership interest can be maintained within the family by way of restrictions that would be more difficult if assets were individually owned.
A LLC with only one member may face a greater likelihood of a court allowing a judgment creditor to “pierce the corporate veil” or judicially dissolve the LLC, and allowing the member’s interest in those assets to be subjected to satisfying the member’s liabilities. A LLC having at least a second member enhances protection of the LLC’s assets because that additional member(s) may preclude a creditor takeover or forced dissolution of the LLC by an appropriately worded LLC agreement.
Join your Alabama colleagues for this quick and valuable CLE webinar on using LLCs to protect client assets when estate planning. Your presenter will explain how to take advantage of provisions in Alabama law and deliver a superior client outcome.
- Limited liability company (LLC) basics overview
- Asset protection basics overview
- Single member (disregarded entity) v. multi-member
- LLC series overview and history
- Alabama Limited Liability Company Law of 2014 overview
- How to use a LLC (and its series) for estate and asset protection planning
- Example of using an Alabama series LLC to manage and invest in real estate
Learn how to help clients protect assets thought the establishment of LLCs, while earning valuable CLE.
About Your Presenter
Herbert E. (Chip) Browder
Browder & Welborn, LLC
Herbert E. (Chip) Browder, with Browder & Welborn, LLC in Tuscaloosa, has been providing legal services in Tuscaloosa and throughout Alabama for nearly 25 years. He also has an extensive business management background, having managed his family’s hardwood veneer business and timber investments for over 10 years prior to entering law school. With two degrees in accounting from the University of Alabama and a Master of Laws degree in taxation from the New York University School of Law, he is well-equipped to handle even the most complex accounting and tax issues involved in accomplishing client goals. He has been an annual lecturer for the past several years on Estates and Trusts at the University of Alabama Law School’s Annual “Bridge the Gap” and “Will Drafting” seminars for young lawyers in the state, and he is a frequent seminar speaker.