Many people think about creative ways to keep certain types of income or certain valuable items off the books when trying to protect their assets. This can be very helpful when divorce proceedings get messy, and a divorcing spouse is looking to get the largest settlement possible. However, there are instances where the services of an Asset Protection Attorney can be helpful in protecting various types of assets. This isn’t intended to hide them from an angry spouse but to protect these assets should a person’s finances come under fire from creditors or from government agencies.
It’s important to understand the different ways in which this sort of protection is offered. There are many different types of assets that require different approaches to protect them from possible tax implications or from creditors looking to collect.
For example, many people like to protect their businesses. This can be done by establishing something as simple as a limited liability corporation. This makes it very difficult for creditors and even government agencies to seize control of all or even a portion of the business.
For investments, the use of things such as foreign entities, foreign trusts and even limited liability corporations can be effective in protecting investments or other types of liquidity. The fact is that these types of assets are extremely popular when individuals, the court or other government agencies go after a person’s assets to satisfy debt or some sort of financial dispute.
For many people that don’t own a business, or don’t have sizable amounts of liquidity, much of the talk about asset protection and the services of an Asset Protection Attorney centers on protecting a person’s home. Unfortunately, completely protecting a home 100% is difficult. However, there are methods that an attorney can use to help minimize any exposure an asset like a person’s home will be exposed to should creditors or government agencies come calling.
There are a number of different complicated issues that people often face when they fear that a creditor or government agency will come after their assets. That’s why protecting real estate investments, businesses, financial investments and even a person’s home is important. If you want any of your questions about asset protection answered, you may want to contact the Facer Law Offices today. You can connect with them on Facebook for more updates!
