Many people consider asset protection something people do when their net worth exceeds millions of dollars. They may think of Swiss bank accounts and tax havens and assume because they are working or middle class, protection is not for them. This is untrue! If you have any assets, it is important to protect them regardless of their specific worth. Homeowners need to make an effort to protect the equity in their home, especially if they do not live in a state that automatically makes homes exempt from creditors. If you own a car or have invested in items like artwork or gems and jewelry, you need to make sure these assets are safe. Again, this is not just in regard to massive wealth. An engagement ring is a jewelry investment, and having inherited jewelry or artwork means you now own these assets. Furthermore, you may have investments in savings or stocks and bonds, all of which may be at risk should you be found liable in a court settlement or attacked by creditors. In many instances, a bankruptcy lawyer can help you establish a strong protection plan. Bankruptcy lawyers often have knowledge about how creditors behave and what will be at risk should you not protect your assets. Speak with one about you options for protection and your risk should you forego protection.
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While some may be surprised offshore investment options are perfectly legal, others understand this is one of the best ways in which to protect your assets. There are a number of ways in which to utilize offshore options for protection. While creditors will have little problem discovering your offshore accounts, any ruling in a U.S. court concerning these assets will not hold up. The assets fall under the laws and regulations of the country in which you have them invested. The only way the creditors would have a chance to access these assets is if they traveled to that country, had their case tried in that country's court system, and received a comparable settlement to what they were seeking in the United States. It is unlikely a creditor will invest the time or money to accomplish this.
Another option for asset protection, often known as the poor man's asset protection, is to transfer your assets to someone else. This can be a risky move, even when you are transferring to a trust family member. Should the relationship go astray, you are out of luck. Your enemy now owns all of your assets and this ownership will stand up in court. There is also a risk of the creditors proving it was a fraudulent transfer. This means the court sees you transferred these assets for the sole purpose of avoiding paying your debt. While this is not illegal, the court can simply ignore or undo the transfer and you are back where you began. To avoid being accused of the action of fraudulent transer, make decisions about your asset protection long before a protection plan is put to use.
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