There is a cottage industry that has printed so much material on asset protection that one of the world’s forests has probably been eliminated. Asset protection refers to actions you take to protect yourself from potential loss. This could involve the use of limited liability companies, trusts, joint ownership, spendthrift provisions and a variety of other tools and vehicles to keep the wealth and resources that are yours away from creditors. In this litigious society, we all have risk. Whether you are a board of director, fiduciary in any sort of capacity, business owner, property owner, or in any one of a variety of other positions that has a component of human interaction, you have the risk of being sued or becoming indebted and in default to others. It is essential to take a step back and plan accordingly to shield at least some of your assets for the benefit of your loved ones.
Asset protection can be a fun area if you get started early. The 8000 pound gorilla in the room is the fraudulent conveyance laws, which prevent you from transferring assets outside of your possession just before a creditor attaches their judgment against you. Those monies can be clawed back from the person to whom they were transferred, which is a very bad thing from an asset protection standpoint. Taking control of your financial wealth and resources requires a hard and circumstantial look at the totality of your health, wealth and family situation. Let us help you get started with that process today! Sign up for a free consultation at your convenience.