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Asset Protection Planning involves reviewing your assets, risks and financial goals to create a legal barrier between creditors and your wealth using 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. Asset protection planning is ideally performed prior to a lawsuit (or cause of action), however can be implemented at any time. Every situation is different, so we encourage you to call and speak to an experienced professional to help you understand the details, or you can consult with one of our in-house asset protection attorneys who 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 appropriate for their assets, risk, fears and comfort level. Business owners, parents, investors, real estate owners, physicians and other professions come with more likelihood of a major lawsuit and a greater need to implement an asset protection plan.
Lawsuit avoidance through financial privacy. Before you are legally pursued, the chances are that an opposing legal team performed an asset search to locate and value reachable assets. When you implement financial privacy measures an asset search can show little to no assets or asset value, depending on the techniques used. No reachable or valuable assets means a poor lawsuit target.
Lawsuit deterrence from protection plans. When you have the proper legal tools in place before a lawsuit strikes, you're in the most powerful position - this could mean the difference between quickly settling out of court or costly litigation. When your assets are protected, any creditor or potential legal opponent has to face the fact that you are not an easy target and must decide how much time and money they want to throw at pursing you.
The strongest asset protection comes from offshore trusts. When you choose to establish an offshore asset protection strategy, you take advantage of the most favorable laws in the world. A creditor that wants to pursue your wealth has to meet nearly impossible measures. You can take advantage of foreign jurisdiction statutes that afford you near bulletproof protection.
Rise in Litigation Urges Protection
Today, more than ever, people are concerned with preserving their wealth. Litigation has been on a steady rise for many professionals, doctors, parents as well as business owners and now people are putting their money where other's can't get it. Insurance policies aren’t enough to protect your family’s financial future and lawsuit statistics continue to climb.
Asset Protection Attorney
Asset Protection Attorneys spend time to understand each individual situation, need and risk of 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 that will represent your wealth preservation interests within your comfort level.
An experienced lawyer practicing asset protection will be able to compartmentalize the types of risks your assets face and properly establish a solid plan. Once a plan is established, it must be maintained. The attorney’s responsibility is to ensure that your legal plan is in compliance and is reviewed and updated as your financial situation changes, family grows and the legal system updates -speak with an Asset Protection Lawyer today, call us.
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