Protecting Your Assets is Not Only Big Business – It’s YOUR Business
Asset protection is a very important consideration these days, particularly for “professional types” like international investors and private depositors. It is, however, just as important for regular people — like me and you — assuming of course that we have some assets to protect.
Some asset protection strategies are pretty complex while others are relatively simple. Generally speaking, the more complex your asset protection planning is the more successful and effective it can be, but that doesn’t mean that there aren’t also a few simple solutions to your asset protection problems.
Why Do I Need Asset Protection?
Asset protection is something which many of us don’t even think about until it’s too late. There are many reasons you require asset protection: someone can slip and fall on your property, you could be involved in a driving while intoxicated accident, or you could own a business that creates a risk exposure. There is a good reason that everyone should have insurance as you never know what’s going to happen on any given day.
Asset Protection For Investors
Successful investors don’t go through all that trouble to hand over the majority of their cash to the tax man, so one very popular method of asset protection is by using offshore banking (this is not tax evasion as that’s illegal while asset protection is kind of legalized tax evasion). Investing pots of cash in offshore bank accounts gives instant asset protection and can make the whole procedure very tax effective.
Another popular method of asset protection for those who “have” is by using a limited liability company (LLC). You’ll need a very good lawyer who is well-versed in the advantages and techniques needed for asset protection, but also who preferably won’t cost you more of your assets than you are trying to protect.
Asset Protection For All
Asset protection is becoming increasingly important for all, especially as we now live with this “compensation culture” mentality. Everybody is out to get every last nickel out of everybody else they can. Lawsuits are filed in their thousands every single day by customers, creditors, business partners, spouses, government agencies, competitors, and more. It’s no wonder that we now regard asset protection to be an important part of our wealth management for the future.
Learning Asset Protection
They say that if you want to be a millionaire, you should mix with millionaires and learn from them and the same goes for asset protection. Look at how the super rich live and how they protect their assets, and then employ their techniques in your own life. Super rich people benefit from many assets, but when you get right down to the nitty gritty, they actually own very few of them. They are in a position to enjoy the benefits of the fruits of their labor without risking losing those assets; they are very good at protecting their assets.
Of course, the very rich will own a few assets and once someone pursuing them through the courts has found these assets they will naturally assume that it’s the end of the road and stop searching for more, not realizing that the real assets of these people are hidden in corporations, foundations, property trusts, fictitious names, escrow accounts. There is no limit to their imagination when it comes to asset protection (or to the imagination of those who get paid a handsome sum to protect them).