Asset Protection Planning involves reviewing your assets, risks and financial goals to create legal barriers between creditors and your wealth. 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.
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.
Asset Protection Insider
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.
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.
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.
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.
There are those who have tainted views of asset protection. Some believe the debtor should empty his or her pockets, jettison homes, businesses and bank accounts until they pay the creditor in full. They see paying legal debts as a moral duty. In the same vein, they question the ethics of asset protection planning because they think it hinders the creditor from collecting a court-ordered judgment.
What they fail to understand is that the laws that allowed the judgment were written by lawmakers; most of whom have law degrees. When in office, they have a self-interest to write laws to the benefit of their own professions. Each time the Senate is in session we see them craft more and more laws to make it easier for lawyers to get their hands into our pockets. The Trial Lawyer's Association is one of the biggest groups making campaign contributions and lobbying Congress to craft laws in their favor.
Moreover, we see ever-broadening legal theories that make it harder for defendants to win. We see judge's issuing result-oriented rulings rather than those based on law. Thus, asset protection is a chance to level the playing field. It is a chance to tip the scales in the direction of those hardworking people who have had the scales tipped against them for so many generations.
Learn more about the legal tool that offer the strongest protection, the Cook Islands Trust. The Cook Islands are located south of Hawaii. It has a strong case law history. So, it is not mere theory. But every time we have established this type of asset protection trust it has protected the client's assets from lawsuits. The trustee's are licensed, so have undergone rigorous background checks. They are also bonded, so trust funds are insured in this regard. Moreover, this organization utilizes a trustee with which its management has had a relationship for over 20 years.
An offshore asset protection trust is tax neutral. Its power comes from legal statutes intended to safeguard assets for the trust settlor and beneficiaries. Since the trustee company operates outside of the local court jurisdiction, it is not subject to your local court orders. This essentially ties the hands of your legal opponent. For more information, utilize the numbers or inquiry form on this page.