Proper asset protection strategies can be used to protect -
- your hard-earned assets during your lifetime; and
- your loved ones who may need protection from themselves, due to lack of maturity or other circumstances; or protection from creditors and divorce
In order to identify the appropriate asset protection strategies it is important to first determine what you want to protect. Physicians, professional investors, business owners, executives and other professionals subject to a high number of lawsuits are often especially interested in ensuring that their business and personal assets are protected during their lifetimes. Many other persons have children or other loved ones that they want to protect regardless of what happens to them. No matter what the circumstances are, once we have determined what an individual, business-owner, or family wants to protect we can then move on to developing the asset protection plan that will provide them with the security they need.
Some of the techniques that can be utilized in such plans include:
- Business entity formation - assets properly held by certain domestic and offshore business can provide a great deal of protection to the owners
- Domestic Trusts - certain Trusts can provide a great deal of protection and flexibility both during the lifetime of the Trust maker and afterwards
- Offshore Trusts - holding assets properly in offshore trusts can help keep assets out of the US Courts' jurisdiction
- Equity Stripping - a tool in a structured asset protection plan that helps protect the equity or value of certain assets
If you would like to learn more about asset protection strategies and how you can use them to protect your business, family or personal assets, feel free to
contact our firm here.