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Monday, February 4, 2013

Is do-it-yourself asset protection wise?

It seems that do-it-yourself asset protection planning has grown in popularity on various websites.  Most of these sites proclaim cost effective personalized planning but bury their disclaimers.  When it comes to tax and asset protection, the more knowledge you have,  the less you will owe. The do-it-yourself asset protection planning approach seldom works; because most people do not understand the subtle aspects of asset protection planning.

Here are a few points for you to ponder:

Follow the terms of your trust or operating agreement.  Actions outside or contrary to what is presented in your documents will give a court ample reason to pierce your plan. 

* Never state in your LLC operating agreement, trust, or other entity your purpose in creating the plan was for asset protection.  You must state a legitimate business purpose such as hard money loans, real estate investing, asset consolidation, etc.  Also, never testify this was your purpose. 

* Be attuned to how your entity should be operated to maintain its separate existence. Do not set up a structure that has no economic substance, it should serve a legitimate purpose.  

* And lastly, don’t try to do this yourself,  it is much harder than it looks. In the eyes of the courts, ignorance is a voluntary misfortune.

If you would like to discuss your plans with us, send an email to today.

Friday, February 1, 2013

Asset Protection Strategies in the USA

In today's business world, you need cutting-edge asset protection strategies that are designed to minimize costs, confuse creditors, and keep attorneys away from your assets. And these creative asset protection strategies should not involve off-shore strategies or overly aggressive plans, which are targeted by the IRS as abusive.

You definitely do not want to suffer the loss of assets through litigation and a well-structured asset protection plan will ensure that you avoid that situation.

In order to accomplish this, your plan should do the following three things:

1. Deter litigation by convincing the plaintiff and their attorney that even if their argument appears to be a slam dunk win, the prospect of not receiving an immediate recovery makes bringing the suit not worth the effort.

2. Convince them to accept something now, or nothing later. What this implies is that even if they win, they lose because your assets are beyond their reach.  This acts as an incentive for them to seek a quick and inexpensive settlement. 

3. Make your opponent realize that the expense of bringing the suit without a guaranteed win, will break his bank.

We work with Medical Professionals, Real Estate Investors, other investors, and anyone concerned about keeping their assets safe from the litigious environment in which we now have to deal with. We utilize entities such as Limited Liability Companies, Land Trusts, Corporations and Limited Partnerships, along with various other tools to help you retain your money and avoid losses.

To obtain more information, contact us at  today.