Lee R. Phillips
People should avoid owning assets jointly. When that happens, each joint owner is a direct pathway through which the vultures can strike the assets.
Siesta Key, FL (PRWEB) December 17, 2013
Most of us realize that asset protection is especially important in today's litigious society. But what they may not realize is that there are more traps than lawsuits that can take people’s money. In his “Protect Your Assets from Circling Vultures” article, Lee Phillips reviews those traps, such as lawsuits, illness, divorce, etc. He then describes the advantages of using separate entities to protect assets.
Mr. Phillips observes, “People should avoid owning assets jointly. When that happens, each joint owner is a direct pathway through which the vultures can strike the assets. How real estate, bank and brokerage accounts, cars, and other assets are held makes a big difference in asset protection. When there is a lawsuit, illness or a business failure, all joint assets are exposed.”
The bottom line is you can protect your assets using the correct legal tools. Asset protection needs to be in place before the lawsuit comes. Individuals should put assets into separate entities on an on-going basis. Usually this will help to stop the vultures.
The article also covers how to apply for loans to keep those banking vultures at bay, and discusses what will happen in community property states.
Mr. Phillips is an attorney who serves as a counselor to the Supreme Court of the United States. He enjoys helping other people apply the law, not only to provide asset protection, but to use the law to structure businesses and save taxes. He is the author of 11 books, including his latest book, Protecting Your Financial Future. He has written hundreds of articles for professional publications.
LegaLees is a legal self-help publishing company that was founded in 1982. It produces products designed to help people understand the law and better structure their personal and business affairs. Their mission is to help people protect assets and prevent legal disasters that can strike at any time.