It is not necessary to have an army of attorneys to protect what you have diligently worked for in life. You may not be in a position to afford this level of sophistication, but there are proactive steps you can take to improve the protection of your assets.
Seek good advice! Even though you may not be in a position to retain the services of an attorney for all of your planning, it is very prudent to spend a little to get some general advice when you are planning your financial moves. A qualified asset protection attorney or, at a minimum, a qualified financial planner can give you a footprint to start you off in the right direction.
Avoid general partnerships! These are best to avoid because any general partner is capable of committing the partnership to any number of legal contracts. As a general partner, you along with each of the other partners are jointly and severally liable for any actions the partnership takes.
Separate, separate, separate! I cannot stress the importance of using separate entities for each liability generating asset or business. You should never mix liability generating assets. If you do this, you are just asking for trouble as you are making your potential liabilities exponential in nature.
Beware of "experts"! there are many types of predators in our world. This is evident in the asset protection industry as well. Suddenly everyone is an expert. Always seek a recommendation from those you trust. Avoid "free" offers...there is nothing free. Check out with the proper licensing authorities, the credentials of experts you are considering consulting and retaining.
Lay low! Flashy lifestyles bring about attention...usually the negative type. Conspicuous consumption is asking for trouble. If the public suspects you have a lot of "meat" on the bone, you very well could become a target of frivolous lawsuits. If living a lifestyle that is high flying is important to you, make sure a good portion of your assets should be titled in another name.
Know your jurisdiction and keep it offshore! If you are a target of frivolous lawsuits, state law will dictate what creditors can attach. So, know your laws and how you are protected...This Is Empowering! No country in the world automatically recognizes judgments based in the US, so offshore entities offer significant protection. In fact, many countries think our position on lawsuits is nonsensical.
Insurance is always the best insurance! An asset protection plan might also be a good idea to consider. For a few dollars expended, insurance offers an excellent way to hedge some of your risk.
This advice is not to be confused with legal advice, but rather to remind you to review your protection and to consult the services of a qualified asset protection expert...It Is Empowering!
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