Asset Protection Facts
An asset protection trust is any trust that is used to insulate an individual's assets from creditor attack. An asset protection trust is usually established in an offshore jurisdiction, although the assets will probably remain in the U.S. under the indirect control of the person who established the trust (the "settlor").
There are a number of unqualified people are marketing themselves as asset protection experts. A good rule of thumb is to thorough check references and the training of the so-called "expert." Anyone who claims expertise in asset protection should have substantial tax and international law training.
Use a separate entity for each liability generating asset and never mix liability generating assets. For instance, an apartment house should not be owned by the same entity which owns a printing business.
Always avoid general partnerships and handshake agreements, because doing so only causes trouble. Many people are unaware that any general partner can commit the partnership (and therefore every other general partner) to any legal contract. All general partners are jointly and individually liable.
Avoid general partnerships and handshake agreements. This only causes trouble. Did you know that any general partner can commit the partnership (and hence every other general partner) to any legal contract (like taking out a loan). All general partners are jointly and severally liable.
Even if a person puts into effect a state of the art asset protection plan, he should still keep adequate insurance. Usually the main value of a good policy is that the insurance company must provide him a defense.
It's been said time and again, and that is that no country in the world automatically recognizes U.S. based judgments because that fact is that most countries think that U.S. tort laws, securities laws and anti-trust laws are nonsensical. It's also true that no country in the world recognizes US tax judgments.
Never show off and never put everything in your own name. If people believe that a person is rich, chances are that he will be sued. If an individual is unwilling to have a modest lifestyle then it would be best for a person to keep a low a profile as possible and to not title assets directly in his own name. It should also be remembered that in order for someone to take away assets they first have to be found. Finally, it should also be remembered that a good asset protection plan does not rely on stealth alone It should work even if every single document is discovered.
ASSET PROTECTION EDUCATION
- State Laws
- Umbrella Insurance Policy
- Asset Protection Ethical And Moral
- IRA Private Letter Ruling
- Asset Protection Key Concepts
- Family Trust
- Choosing An Asset Protection Advisor
- Transfer Assets To Your Spouse
- Asset Protection FLP
- Asset Protection Privacy
- Asset Protection Facts
- LLC Asset Protection
- Spendthrift Trust
- Reasons For Asset Protection
- Asset Protecting
- Types Of Trusts Spendthrift
- LLC For Asset Protection
- Types Of Trusts
- Asset Protection
- Case Study
- Asset Protection Concepts
- Types Of Trusts QTIP
- Delaware Trust
- Dynasty Trust The Basics
- Asset Protection Bankruptcy
- Protecting Your Assets
- Asset Protection Education
- Asset Protection Ethics
- Asset Protection Lawsuit Prevention
- TrustMakers Forms Center
- TrustMakers Site Map
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