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General Tips For Asset Protection Planning
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Asset management not only serves as a protective shield for the valuable assets but also prevents the potential consequences like imprisonment and penalty. Here are few general rules that should be kept in mind while you are planning to protect your assets:
Start taking steps before a claim crops up:
You have to do many tasks to effectively offer a shelter for protecting assets before and after any liability arises. The reason is that whatever you do after arising the claim is reversed by the law of “fraudulent transfer”.
Early planning doesn’t backfire:
Asset protection planning should be started on early stage because if it is started after the liability arises then it is bound to make the situation worse. Take an example of a flu shot; taking a flu shot while you have flu will make you more woozy. It is a myth that the judge has only powers to unravel the fraudulent illicit transfer sparing the debtor who did unsuccessful attempts of late asset planning. On the contrary, all those, including the debtor and creditor, who are involved in the illegal transaction can be responsible to pay the creditor’s lawyer’s fees and the debtor can give up of being relieved from the bankruptcy charges.
Asset protection planning is not an alternative for Insurance:
Asset protection planning should not be used as an alternative to payment of professional insurance; rather it is an addition to insurance. It is a misconception that preparing an asset protection strategy makes the plaintiff to lose courage and prevents the defendant from playing legal fees. Insurance also acts as an add-on to asset protection planning, if you are caught up let the insurance companies spend to safeguard it and fix it; that’s what you are expending premiums for.
Keep the business assets for business and personal assets for Trusts:
Do not use the business entities such as partnerships, corporations and LLC as piggybanks to hold your personal assets; rather place your personal assets in the Trust that is created properly. The law of Trust is strong enough to protect the trust assets. Please do not name it as Family Partnership or LLC, unless your family is famous for any kind of activity, for example making sausages.
You may seek consultation with expert asset protection attorneys such as Offshore Trust Protection in Miami. It is a leading law firm comprised of attorneys who are masters in taxation and are proficient in foreign tax laws. The lawyers at Offshore specialize in framing effective strategies for protecting your valuable assets. You may visit the website offshoretrustprotection.com to get more information about the services.
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