Asset Protection Summary
Asset Protection review is appropriate for individuals who are in "high risk" (subject to frequent or frivolous litigation) professions or where there is a need to have a formal plan to transfer ownership to another generation or spouse independent of creditor attack. Foreign Asset Protection Trusts offer an unusual blend of protection through the use of the unique statutory structure created in several popular Offshore Financial Centers. However, they entail material costs and potential tax reporting requirements. A qualified legal firm should be retained to assist with implementing any Asset Protection Plan.
We are neither suggesting nor advocating Asset Protection Trusts for every individual or family. There are many cases where other alternatives may prove more beneficial. Nevertheless, for many clients the effort is worthwhile. Our firm is prepared to assist clients in most related commercial, contractual and asset protection matters. Please feel free to contact our office if you believe an Asset Protection Plan or Asset Protection Trust may be appropriate in your particular situation.
This article is designed to introduce you to the importance of asset planning and the need to protect your wealth. It is published as part of general information series for visitors to our web site. If you need to pursue an asset protection strategy, make sure you do it with the assistance of a professional.
The field of Asset Protection Planning has expanded exponentially over the past decade in response to record-level growth in personal wealth among Americans, along with a simultaneous rise in lawsuits that threaten wealth retention.......Read more...