The sad reality about the times we live in is that people are suing and getting sued more often these days, and the trend doesn't seem to be slowing. As the economy becomes more volatile, plaintiffs attorneys seem to come out of the woodwork looking for deep pockets. Unfortunately, this has a very negative effect on many honest and hard-working individuals such as doctors, small business owners, business executives, real estate investors, and many other business professionals.
The good news is that with proper planning, we can set up structures that shield assets from attack. This type of planning is called asset protection planning or advanced business and estate planning.
There are 2 major objectives to asset protection planning:
1) we want to place assets beyond the reach of creditors and predatorial institutions
2) we want to discourage lawsuits by lowering a person's financial profile;
Now before going further, you should understand that proper asset protection does not involve fraudulent transfers, hiding assets or tax evasion. Any plan that involves doing anything illegal does not represent true proper asset protection, and you should run as far away as possible from anyone trying to suggest a plan involving any of these elements.
Proper asset protection however, will accomplish the 2 major objectives above, and ensure that you, your business, and your family are protected with a plan that is respected by the courts. If you want to know more about asset protection planning, feel free to visit our website by clicking here.