Articles

Asset Protection

Asset protection is often an important part of estate planning. The basis of asset protection is to simply protect your assets from any future creditors or possible litigation. There are many forms of asset protection, from the simple to the complex, and each person’s asset protection needs are different. Your needs will be based on many factors, including your risk level (the risk of litigation, a tax authority or creditors in the future), as well as your financial situation and your business position (such as whether you own your own business or are planning to start one).

It may be difficult to determine the types of asset protection you should pursue, and it is best to consult with a qualified attorney to determine this. An attorney can help assess your risk, and counsel you on ways to protect your assets. While some forms of asset protection require a lot of research, paperwork, time and money, it can be well worth it when you know your assets are safe.

However, there are some asset protection methods that are not legal. This is when there is already a case where someone is trying to attack your assets, such as a creditor or a lawyer for a litigation client. Once this happens, if you try to transfer your assets for protection, you would be committing a fraudulent transaction. Specifically moving your assets around to avoid paying people you legitimately owe is illegal and can result in criminal repercussions.

By following the law, using a qualified attorney, and protecting your assets, you can prevent a loss that could be devastating to your family. Even if you don’t think you need asset protection, you may want to read the following articles to learn more before making a decision. Since anything can happen at any given time (such as an injury on your property and an insurance company that won’t pay), almost anyone can find themselves in a position of losing their assets. It is best to be as informed as possible before making the decision to protect your assets or not.

To learn more about asset protection, and to be able to make the most informed decision, follow the links below:

Goal Of Asset Protection
Learn here what the true goal of asset protection is.

Types of Asset Protection
Here you will find information about the types of asset protection that might be necessary as well as the types of asset protection available.

Who Needs Asset Protection
There are some people that need asset protection more than others. Learn here who these people are and if you are one of them.

Asset Protection Techniques
Many people choose to protect their assets through trusts. Learn how well this works and if it is right for you.

Bankruptcy
Learn here about the pros and cons of using bankruptcy as a form of asset protection.

Legal Asset Protection
Some forms of asset protection are not legal (also referred to as fraudulent transfers). Learn more about legal asset protection here.

Types Of Assets
Some types of assets are at more risk for attack by creditors than others. Here you will find a list of assets that are exempt from these attacks.

Gift Or Loan
Some people choose to protect their assets through a gift or loan. Find out how this can work as well as how to protect your assets when being approached for a gift or loan.

Joint Tenancy
Learn here what joint tenancy is and how it works, as well as whether it is a good means of protecting assets or not.

Asset Protection Trust
Many people choose to protect their assets through a living trust. Learn how this works and if it is right for you.