More and more, individuals and businesses are sued or go bankrupt each year. www.AssetProtectionAttorneys.com [Asset Protection] is simply adopting a range of strategies to title exposed assets in a manner that legally shields them against lawsuits and other creditor claims
Boca Raton, FL (Vocus) March 30, 2010
With the amount of foreclosures growing quickly, America remains the world’s lawsuit capital. Life is a financial minefield.
“More and more, individuals and businesses are sued or go bankrupt each year. Asset Protection is simply adopting a range of strategies to title exposed assets in a manner that legally shields them against lawsuits and other creditor claims,” says partner Hillel Presser, Esq.
Asset Protection is the only defense in today’s lawsuit-crazy, financially risky world. People can unexpectedly lose their assets and it can happen to anyone. More and more, individuals and businesses are sued or go bankrupt each year. Asset Protection is simply adopting a range of strategies to title exposed assets in a manner that legally shields them against lawsuits and other creditor claims.
Asset Protection, or lawsuit-proofing, creates a safety net. While it doesn’t guarantee to avoid lawsuits, losing fewer assets when trouble strikes can be the benefit. Don’t be in a free-fall and totally vulnerable position. Plan strategies to protect against sudden predatory attack. Question how all assets are currently titled and see if there need to be changes made for bullet-proofing. Use different strategies depending upon the type of assets and the type of threat.
Check for additional information from the Law Offices of Presser & Goldstein, LLC at our website: http://www.AssetProtectionAttorneys.com .
As an example, some strategies and their brief descriptions are as follows:
Overview of Family Limited Partnership Protection
Use the limited partnership to title and protect safe assets. The limited partnership has been battle-tested for nearly a century. More people are forming limited partnerships (LP) to shelter their wealth. This is for several good reasons. The limited partnership allows continued control over their assets. It protects wealth from lawsuits and creditors. It also can reduce gift and estate taxes. Few legal entities can match the limited partnership’s many advantages as a wealth protector.
The limited partnership (sometimes called the family limited partnership or FLP), is not a new entity. The limited partnership’s long tradition for asset protection, tax and estate planning began in 1916 with the Uniform Limited Partnership Act. Its long history has proven the limited partnership’s stability, predictability and dependability for wealth preservation. The limited partnership is great to hold cash, stocks, bonds, mutual funds and any other liquid asset.
Overview of LLC Protection
A limited liability company can own any asset that is titled to a limited partnership. In practice, the limited liability company is preferred to title more dangerous (liability-producing) assets since LLC managers will be fully protected personally from the LLC debts. The limited liability company is newer and has not been as extensively tested. But a limited liability company is desirable to own:
- Second homes and vacation homes
- Commercial real estate
- Cars, boats, planes, etc.
- Equipment and other physical assets
- Operating businesses
Overview of Offshore Entity Protection:
Money is safest outside the country and beyond the reach of the American legal system. Move money to a foreign jurisdiction. This estate and family wealth planning strategy has been popular since the days when Roman emperors relocated their fortunes to foreign lands to preserve their riches for their descendants. With the onset of the lawsuit explosion, offshore wealth protection has become far more popular.
About $5 trillion is now protected in the numerous offshore financial centers (OFCs). OFCs feature favorable banking, privacy, estate planning, and most importantly, powerful asset protection laws. Those are the reasons so many wealthy individuals and families from every country send their money offshore. Only within the last decade or two have so many Americans taken advantage of offshore asset protection and investment opportunities. The number of Americans moving their wealth offshore is expected to grow in the years ahead and particularly as creditor remedies expand domestically.
http://www.AssetProtectionAttorneys.com offers details about various protective structures that can be used to “lawsuit-proof” assets. A wealth of information for anyone going through foreclosure or anyone who doesn’t want to lose what has taken a lifetime to obtain. Please use the “Contact Us” button to request a complimentary latest version of our new book, Asset Protection Secrets.
Hillel L. Presser, Esq.