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What is Asset Protection Planning?
Over the last decade, almost twenty different countries (as well as four states) have all passed legislation regarding asset protection; in fact, the American Bar Association has even created a subcommittee to address the unique needs and issues of this area of the law. As it is becoming further mainstream, more people have questions about this: Is it ethical? What does it require? Does it even work? At Crary Buchanan, we recognize the confusion regarding asset protection, and we are here to provide you with the simple, accessible answers that you need regarding this vastly important area of bankruptcy law.
The Asset Protection Process
Essentially, when broken down to its simplest terms, asset protection planning is the proactive steps taken to safeguard your assets against risks, such as future lawsuits from creditors. It is important to note that this must be done in advance; if you wait until you are facing a claim, you’ve waited too long. This is separate from limiting liability and is done to deter lawsuits from occurring, making an incentive for a settlement in lieu of legislation. These techniques can include:
- Setting up trusts
- Establishing partnerships
- Placing assets in offshore accounts
This is to deter a creditor from going after the savings, properties and assets due to the complexity or to discourage them should they attempt by making it difficult and / or impossible to collect.
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When handled by an experienced attorney, this is a completely legal course of action and should never cross the line into illicit or fraudulent actions. This is not done to conceal assets or evade taxes, but rather to protect your assets against possible future actions, providing you a sense of security. This can be done hand-in-hand with estate planning and can include everything from gifting, creating family limited partnerships, as well as taking advantage of foreign integrated estate planning trusts (IEPT).
To learn more about asset protection planning and how it can benefit you and your family, please do not hesitate to pick up the phone and contact a Port St. Lucie bankruptcy attorney at Crary Buchanan today.