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About Asset Protection

Plans are all encompassing, whereas protecting your home entails protecting a single asset. Though it is good to protect a single asset, one must keep in mind “flow through” liability. Liability can be passed or transferred just as proceeds, profits and cash revenue can be passed and transferred.

Personal liability is different from business liability, but it is possible to mix the two. However, it is also possible to compartmentalize or separate liabilities and this is a main objective of asset protection plans. A skilled planner will understand the options available for specific circumstances.

Oftentimes, it is beneficial to go offshore, which may increase security and privacy, in addition to providing interesting planning opportunities, such as greater rates of return on investments and asset protection. All of these considerations are built into an asset protection plan.

Do you need Asset Protection? The emotional hurdle is as to whether or not you think you need Asset Protection. The first question is, do you own anything? If you do, you are someone who should understand the basics. This is the reason we have provided this educational and informative guide.

Whether or not you need Asset Protection depends on whether or not you own any assets. If you do, you are vulnerable to many of the potential entities, such as creditors and judgments that can potentially attack your assets. It was once thought that only the rich needed to protect their assets. New tools and techniques are available and are widely used, in estate planning, through insurance products and pension etc., to practice asset protection.

It is a simple fact that nine out of ten lawsuits filed and litigated in the world occur in the US. If you have assets, you are most likely a target. When your assets are visible, you are the bull’s eye. You and your belongings are what litigators refer to as “deep pockets.” Even if you create a stealth lifestyle, your assets are discoverable by a motivated creditor.

The core goal of Asset Protection is to set up your business affairs in such a way that raises the bar for the professional takers. It does not mean that a person ignores his debt obligations. It means that a person will control his debt obligations, and your asset protection plan is in essence a proactive step in performing self-help tort reform. You in fact will control your assets and your life, instead of the courts.

Asset Protection does not give you the authority to commit fraud or engage in illegal behavior. There is a legal strategy and systematic planning that occurs when you protect your assets from creditors. This plan is specific to your assets and your financial situation and must comply with the IRS and the law.