Asset Protection Planning & Trusts
Asset protection is a set of strategies and legal tools used for protecting assets from lawsuits and claims of creditors. For example, asset protection trusts are some of the most powerful tools that shield wealth from lawsuits. Here is an example of the process. First, a professional will review your assets, risks and financial goals. Then, the planning process typically includes establishing structures, such as trusts and companies to create legal barriers between creditors and you, as the debtor. The strategies often use a combination of business and estate planning tools.
A properly established plan performs three primary functions: lawsuit deterrence, settlement negotiation leverage and/or placing your assets out of the reach of a legal opponent. Ideally, engage asset protection planning prior to a lawsuit or cause of action. However, if have have not done so, you can implement it at nearly any time. Every situation is different, so we encourage you to call and speak to an experienced professional. They can help you understand the details, or you can consult with one of our asset protection attorneys. They can provide you with legal advice during business hours.
5 Asset Protection Strategies
- Use LLCs
- Asset Protection Trusts
- Own Nothing Personally
- Use Separate Legal Tools
- Don’t Flaunt Your Wealth
Protecting Real Estate & Liquid Assets
Protecting real estate in the United States usually involves placing each piece of real estate into a separate land trust for privacy of ownership. A separate limited liability company owns each land trust. Then liens, mortgages or deeds of trust, are placed against each property in order to strip out the equity.
Protecting liquid assets often includes the use of a trust. Offshore trusts are proven significantly more effective than their domestic counterparts. This is because the international element puts assets beyond the reach of local courts. An international LLC is often placed inside of the trust, that the would-be debtor can use as a remote control until they need the trustee to step in to protect them. Since the trustee is outside of our borders, he or she is not subject to domestic court orders.
Why Do You Need It?
Regardless of net worth, any individual or family that has assets they wish to keep should look into a wealth protection plan. It should be appropriate for their assets, risk, fears and comfort level. Business owners, parents, investors, real estate owners, physicians and other professions are at greater risk of encountering major lawsuits. Thus, they have even greater needs to implement asset protection plans.
Hide assets from creditors the legal way.
Before someone alerts you to legal attack, the chances are that an opposing legal team has performed a search to locate and value your assets. With this in mind, you can implement financial privacy measures. As a result, an asset search can show little to no assets or asset value, depending on the techniques used. Those without attachable assets make poor lawsuit targets.
How to Protect Assets from Lawsuits
Lawsuit deterrence through the use of asset protection plans.
When you have the proper legal tools in place before a lawsuit strikes, you’re in an advantageous position. This could mean the difference between quickly settling out of court or costly litigation. Once you have protected your assets, a creditor or potential legal opponent has to face the fact that you are not an easy target. They must decide how much time and money they want to throw at pursuing you.
The best asset protection strategies often include offshore trusts. When you implement an offshore asset protection strategy, you can take advantage of the most favorable laws in the world. A creditor who wants to pursue your wealth will face practically insurmountable barricades. You can have a reputable, licensed, bonded trustee who is not subject to your local court orders. You can take advantage of foreign jurisdiction statutes that afford you near bulletproof protection.
These videos contain helpful tips about some of the most common strategies to protect assets from legal attacks. The first video tells you how to protect real estate from lawsuits. The second discusses one of the strongest ways to shield wealth, the Cook Islands trust.
Protecting Real Estate Assets from Creditors and Lawsuits
How to Use a Cook Islands Trust for Asset Protection from Lawsuits
Asset Protection Attorney
Asset protection attorneys spend understanding each individual’s situation, needs and risks. They use this for their clients to construct a protection plan that is appropriate to the individual or family. The single biggest benefit to retaining an asset protection attorney is to have a professional who understands the legal system and your situation. They can represent your wealth preservation interests within your comfort level.
An experienced lawyer who specializes in protecting assets will be able to compartmentalize the types of risks you and your assets face. Then they can properly establish a solid plan. Once you establish a plan, you must maintain it. It is the job of you and your attorney to ensure that your legal plan is in compliance. You should review and update it as your financial situation changes, family grows and the legal system is updated. Speak with an Asset Protection Lawyer today. There are phone numbers and inquiry forms on this website.
Rise in Litigation Urges Protection
Today, more than ever, people are concerned about preserving their wealth. Litigation has been on a steady rise for many professionals, including attorneys, medical doctors, dentists, parents as well as business owners. Thus, now people are putting their money where others can’t get it. As lawsuit statistics continue to climb, more people realize that insurance policies aren’t enough to protect your family’s financial future . The exceptions written into the insurance policies today are staggering. Just when you need it, they point to a clause in the policy indicating why it does not cover your dilemma. Moreover, regardless of coverage, someone can sue you for more than your policy limits. One physician who called us had a $3 million malpractice policy, but someone had just sued him for $28 million.
You can implement asset protection at almost any time to guard against a lawsuit, judgment or divorce. Whereas pre-planning is preferred, there are ways to protect assets after a lawsuit is filed against you.
There is a lawsuit explosion in the United States. As a result, more people are looking to protect their assets from legal attacks, ambulance chasers, frivolous claims, creditors and greedy former spouses. When the process server shows up at the door, many are awoken to the need to take action. This website discusses ways that you can do this quickly, easily and affordably.
I created the financial protection that was right for my financial goals with Asset Protection Planners. I’m private, protected and invested in my family’s future.
J.M. Ansen, CEO
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