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9 Simple Tips.

By Rob Lambert - Email Editor

Date : September 4, 2008

Dear Valued Reader,

Asset Protection is often expensive and complicated but it doesn't need to be. What follows is a list of nine simple tips that will help you with the inevitable financial confrontations life brings our way. This list keeps changing and growing; however, it is a good start. The most important tip is that Asset Protection Planning is a GOOD thing for you and your family. Start simple and use common sense.

Get Good Advice
Get a local lawyer (much like a "family" doctor). Pay for some advice every time you make an important move.

Avoid General Partnerships
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.

Assume that most "Asset Protection Experts" are unqualified...because they are.
Always check at least 3 references from people who have been through the ringer with this “expert.” You may, and quite probably will, soon find out that your expert's skill is promotion and not Asset Protection. Avoid the professional "seminar givers." Never assume that "charging order protection" is enough; never trust anybody who asks you to trust anybody else with your money, and never trust anybody who promises to save you income taxes.

Stealth Works
Don't show off, and don't put everything in your name. If people think that you are rich, you will be sued. If you are unwilling to have a modest lifestyle (and many of us are not willing) then keep as low a profile as possible, and don't title your assets directly in your own name. Remember, to take your assets, they first have to be found. Also remember that a good Asset Protection Plan does not rely on stealth. It should work even if every single document is discovered.

Each State is Different
Remember, what a creditor can get is often controlled by state law. Get good advice and you may be able to keep assets even when faced with serious creditor attack. For example, some states have liberal homestead laws, and some states accord greater protection to pension plan type accounts than other states.

No Country Automatically Recognizes U.S. Judgments
Remember, no country in the world automatically recognizes U.S. based judgments. In fact, most countries think that our tort laws, securities laws and anti-trust laws are nonsensical. Also, no country in the world recognizes U.S. tax judgments.

Never Ignore a Lawsuit
If you are served, always get good advice.

Keep Insurance
Even if you ennact a state of the art Asset Protection Plan, you still should keep adequate insurance. Often the main value of a good policy is that the insurance company must provide you a defense.

Have a healthy and protected week.

Rob Lambert

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