123ArticleOnline Logo
Welcome to 123ArticleOnline.com!

ALL >> Legal >> View Article

General Tips For Asset Protection Planning

By Author: Asset management not only serves as a protective s
Total Articles: 136

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.

Total Views: 85Word Count: 429See All articles From Author

Legal Articles

1. Contact Criminal Defense Lawyer Houston To Safeguard Your Legal Interests
Author: beckylaw

2. How To Find Best Dui Lawyer In New Jersey
Author: Michael Curtis Greenberg

3. Legal Agreement Template
Author: Jack

4. Bail Bonds Services Might Help Create A Stressful Time Easier
Author: RossBarkely

5. Answering The Question About The Working Of Immigration Lawyer
Author: Kri Law

6. All You Need To Know About The Truck Accidents Attorney
Author: Bkr Law

7. Why To Sought The Assistance Of Truck Accident Lawyer?
Author: Sgro Law

8. Is Hiring A Personal Injury Attorney/lawyer Really Necessary?
Author: MICHAEL T. FRIEDMAN

9. Be Served For The Better In Hiring Car Accident Attorney/lawyer
Author: JON ALAN LAFFERTY

10. Tips On How To Settle Your Slip And Fall Claim
Author: benmartek

11. Three Things To Look For In A Spinal Cord Injury Attorney
Author: Marcus McGowan

12. How Oklahoma Business Lawyers Can Help You With Gun Trust Law
Author: robertcadric

13. Arizona's Dog Bite Laws And How To Protect Yourself
Author: chrissamola

14. Wrongful Death Attorney - How To File A Wrongful Death Claim
Author: krinomid

15. 7 Reasons Why Feizy Law Firm Has Got The Best Injury Attorney For Compensation In Dallas
Author: Nick Feizy


Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: