Asset Protection The ultimate goal of asset protection is to legally separate an individual or organization (debtor or defendant) from their assets while preserving administrative control and beneficial ownership. The concept is based on the fundamental rule that unprotected assets can be pillaged by that entity’s creditors or plaintiff(s) should the entity come under legal scrutiny. An exception to this is an ERISA-qualified retirement plan which is protected from liability and can not be considered when awarding damages. There are a number of different permissible legal instruments designed to protect assets from liability. Different shelter structures are used to protect assets such as: real investments, rental properties, private residences, financial assets, bank accounts, retirement plans, etc. Don’t leave your assets vulnerable to legal judgments. Contact a skilled CPA that specializes in asset protection today. Which protection plan is best suited for your individual situation depends on: - Your risk probability.
- The point in time of the claim.
- The assets that are being protected.
- The assertiveness and aptitude of the creditor.
Without a proper asset protection plan in place to cover your personal property, your assets are vulnerable to civil liability and a creditor may be able to obtain a judgment against you or your company. Having a plan in place to guard against the threat of an outside entity taking control of your hard earned resources is a smart business decision ensuring the future of your investment. You need a skilled and proficient accountant to set up a personal protection plan that works best for you and your assets given your individual circumstances. Some of the vehicles designed for asset protection include: - Foundations
- Corporations
- Overseas Trust
- Portfolio Bonds
- Swiss Annuities
- Offshore Company
- Limited Partnership
- Prenuptial Agreement
- Limited Liability Company
Engaging in business can satisfy your hopes and dreams for a better life and financial independence, but it can also leave you exposed and susceptible to law suits and claims against your hard-fought and well-deserved rewards. Adopt shielding strategies to safeguard your nest egg and hard-earned prosperity from the threat of litigation. Don’t leave your assets vulnerable to legal judgments. Contact a skilled CPA that specializes in asset protection today.
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