Do you want to know about different asset protection strategies and the different types of vehicles you can use to protect yourself and your assets? First, it is important to understand what asset protection is and the variety of devices you can use to protect your assets.
In reality, there is no secret to asset protection. In fact, asset protection is really just a well thought out, organized process of using legal entities and structures to balance the scales of justice making selected assets difficult for a credit to “attach”. Attach is a term used to define the act by which a creditor, or plaintiff, is able to take title of an asset from you and win ownership of that asset.
The first step in the asset protection strategy is to confirm the exact ownership interest of each of your assets and determine if a creditor would attach it. Assets should be “sheltered” in properly structured entities if there is a possibility of attachment. Asset protection strategy can include the use of many tactics, such as the use of transferring ownership of assets. As the expression states: “Own nothing, control everything.”
There are various ways to transfer ownership of assets and many entities and devices in which to shelter them for protection. In the asset protection plan, it is not necessary to use all the tools that are available; however, having a working knowledge of what it is available to you will help in determining the proper structure for your asset protection plan. The following is a short list of a variety of devices and entities that can be used for various degrees of estate and asset protection planning:
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Corporations & LLCs
Family Security Trusts
Real Estate Privacy Trusts
Life Insurance Trusts
Protecting your assets encompasses more than just safeguarding them from lawsuits. You want to strive to protect your foundation for generations to come.
For more information, contact a Nevada Corporate Headquarters representative at 1-800-508-1729, Monday thru Friday, 8 am-5 pm.