Asset Protection Strategies

Which Asset Protection Strategies Are Right For Your Situation?

Asset protection strategies are becoming increasingly important, as the civil law system becomes ever more threatening. Individuals and corporations with a high net worth have always used some type of trust system to safeguard their assets against excessive taxation and legal threats. Now, it is becoming increasingly harder to cope with the regulations which the Federal Government has introduced to attempt to combat this, but it is also becoming easier to set up offshore trusts and companies. There are still ways to protect your assets, but you need to be clear on what you are trying to achieve from the start.

The use of trusts for asset protection has gone through times of growth and reduction, but there has always been a solid core of wealthy citizens who use them for a variety of reasons. There has always been a benefit to these people of passing on their assets through a trust, and many of them have shielded money from loss in other civil legal matters. The law allows a person from any state to form a corporate entity or trust in any other state, or indeed any offshore jurisdiction. This opens the possibility, in theory at least, of choosing whichever laws are most beneficial to you.

The governments have not sat back and watched the development of the offshore and domestic asset protection industry without concern. They are perfectly aware of the fact that these instruments can be used in more than one way, and that their own revenues can come under threat. It is virtually impossible to legally make money disappear from view, as there are strict requirements to report all domestic and foreign assets. Whatever you decide to do, it must remain transparent to some degree.

The first step in formulating asset protection strategies is to be sure of exactly what you are trying to achieve. There is no substitute for acting quickly, as there are many actions which are perfectly legal when they are carried out under normal circumstances, but which become illegal once a chain of events has started to happen. The most obvious example of this is when money is transferred to an irrevocable trust prior to an individual becoming bankrupt.

The further away from any possible court appearance or bankruptcy a transfer occurs, the more likely it is to remain legitimate. The most effective strategy is one which involves safeguarding assets as quickly as possible, preferably long before there is any hint of trouble. Using offshore jurisdictions may not give you any degree of invisibility, but it can certainly strengthen your defensive wall and make it harder for pursuers in a civil court to get their hands on your assets. The availability of reliable providers of offshore companies and trusts allows for some complex asset protection strategies.

 

 

 

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