You may be able to protect your assets from the threat of loss to lawsuits, creditors and divorce with the same legal strategies used by many of America's wealthiest families. Asset protection planning is intended to protect one's assets from creditors and lawsuits. Individuals and business entities use asset protection techniques to limit creditors' access to certain valuable assets, while operating within the bounds of debtor-creditor law.
Asset protection helps insulate assets in a legal manner - without engaging in the illegal practices of concealment (hiding of the assets), contempt, fraudulent transfer, tax evasion or bankruptcy fraud. Experts advise that effective asset protection begins before a claim or liability occurs, since it is usually too late to initiate any worthwhile protection after the fact.
Don't be a "deep pocket" target for a frivolous lawsuit or other problem that could have been avoided with a sound, legal asset protection plan. Don't try to incorrectly hide or conceal assets, when a properly constructed plan allows you to achieve your protection objective and still have control and use of your assets while being able to fully and truthfully disclose all your financial information.
If asset protection is a concern for you, we recommend that you seek counsel from your legal professional. If you don’t have one, our firm could provide a list of several to interview.
Jim Sloan & Associates and Global Financial Private Capital, LLC do not provide tax or legal advice.
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