Asset protection starts from the very simple concept of obtaining insurance and spans to the use of complex legal techniques described throughout these blog entries. When properly done, asset protection planning is the implementation of special business and/or estate planning techniques in advance of any potential threat, the goal of which is to place assets out of the reach future potential creditors.
Legitimate asset protection planning does not involve hiding assets and is not a way to avoid taxation. Anyone or any entity claiming to do so should be avoided at all costs! The most important aspect is to have your plan in place BEFORE any threat. If transfers are made after a threat to your asset appears (i.e., a lawsuit), then that transfer may be considered a fraudulent transfer and the assets will not be safe from attack.
Have you ever found yourself wondering; “How can I protect myself, my business, or my assets from a lawsuit?” There are many ways to protect yourself, your business, and your assets from a lawsuit or from the results of litigation. Proper asset protection planning can be essential in the protection of your assets from potential litigants and creditors. When set up properly, an individual, partnership, LLC, or corporation can operate with confidence and flexibility.
Contact us for your free consultation. Rooney & Rooney, P.A.