Myths About Asset Protection


Myth: Asset protection is ONLY for those with high total assets.

FALSE: A customer with total assets of $5 million won'tt be so influenced by a $1 million claim judgment contrasted with a customer with $1 million total assets. The customer with the total assets of $5 million can pay the judgment and keep on living the life that he or she is acclimated to. On the other hand, a customer with $1 million in total assets who gets a $1 million judgment is truly bankrupt and the life of his or her family will change definitely.

Myth: On-shore arranging of finances is as solid as offshore arranging.

FALSE: Many organizers and states guarantee its Family Limited Partnership (FLP) situated in the United States give complete security. While these on-shore arrangements are viable to a specific level, they are not impenetrable. The most secure resource insurance incorporates financial arranging that is not subject to U.S. courts.

Myth: I will lose control of my cash with asset protection.

FALSE: While the legal planning and arranging may appear to be confusing to begin with, the net impact of a decent arrangement will leave the customer in the position of making the most use of their benefits.

Myth: The IRS will review me on the off chance that I execute asset protection.

FALSE: Setting up resource assurance through a qualified lawyer won't make you more helpless to an IRS review. In actuality, there are extra forms you might be required to fill out that will help the IRS understand that you have the asset protection appropriately and lawfully set up.

Myth: Asset protection can help me save on taxes.

FALSE: On the off chance that an asset protection planner guarantees they will save you taxes, be wary of their services. Tax planning and asset protection rarely go together. Our tax neutral asset protection plans will help with filing for taxes; otherwise, other plans from other companies may alert future IRS scrutiny.

Myth: I am not a target for lawsuits.

FALSE: Lawsuits are rife in the United States. Did you know it’s less demanding to win a multi-million dollar claim than it is to win the lottery? With more than one legal advisor for each 292 U.S. occupants, the number of lawsuits in the US will continue to rise. Nobody is sheltered from being sued particularly if his or her total assets are over $250,000. At this level of total assets, you are wealthier than 99 percent of U.S. occupants and your high total assets are vulnerable to lawsuits.

Myth: Asset protection is not legal.

FALSE: If legally protected by a qualified attorney, asset protection is an effective lawful device that can shield our clients from future lawsuits. There is nothing unlawful or unethical in protecting some of your benefits from a simple range of predators. Furthermore, asset protection laws have now been embraced in 16 U.S. states.

Myth: I am completely secured with only a Family Limited Partnership or Corporation.

FALSE: Many asset protection companies guarantee that a Family Limited Partnership (FLP) is all that is needed to ensure your protection. Numerous organizations state that FLPs or & Nevada Corporations are effective asset protection options in that they  have access to offshore planning, or don't have the mastery to complete a full offshore arrangement for you. As opposed to prompting you on the best arrangement, they might
offer just what they as of now have.

Myth: I should keep foreign bank accounts active.

FALSE: A foreign account is not required unless you really need to transfer resources offshore. The majority of the time, having suitable offshore planning in place is sufficient to deter anyone from suing you needlessly.

Myth: If my asset protection is triggered to an offshore account, I should flee the country.

FALSE: In the unlikely event that asset protection planning is triggered, only thenownership of the money leaves the country—you do not need to leave the United States. No illegal action is taking place that would require you to follow your money.

Myth: Asset insurance can be executed after I am being sued.

FALSE: Your best bet for asset insurance needs to be set up before you’ve been triggered for a lawsuit. If you’ve been notified of a pending lawsuit against you, it may already be too late to get the best protection. It’s necessary to protect yourself before you’re targeted. However, every circumstance is different and we can sometimes help even after you’ve been targeted for a lawsuit. If you find yourself in this situation, contact an attorney for advice.

Myth: I can protect myself by transferring my assets to my family.

FALSE: Transferring the greater part of your resources to your family members won't shield you from claims. In fact, this action often opens up another vein of legal issues. Not just does it open up your resources for the liabilities for your family; it also creates issues for estate planning, or in the case of a benefit division, for example, a separation. Furthermore, these plans simply don’t work out most times. The courts can implement
Constructive Trust to penetrate your familial defenses and pursue your family member.

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Weatherby & Associates recommended we have a living trust. This appears to be a wonderful solution to the disposition of our assets, first to the surviving spouse and ultimately to our heirs. Read More
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