Asset Protection May be the Best Choice You Ever Make
A lot of people consider asset protection an action for the rich. They may think of Swiss bank accounts and tax havens and assume because they are working or middle class, protection is unnecessary. Not true! If you own assets, it is important to protect them regardless of their specific worth. Homeowners need to make an effort to protect the equity in their home, especially if their state does not provide home exemptions. Cars and other personal property should also be considered and, you need to make sure these assets are safe. Again, this is not just in regard to massive wealth. An engagement ring is a jewelry investment and your inheritance is an asset. Furthermore, savings and investments need protection, all of which may be at risk should you be found liable in in a settlement. In many instances, a Cincinnati bankruptcy lawyer have asset protection knowledge. Cincinnati bankruptcy lawyers often have knowledge about how creditors behave and what will be at risk should you not protect your assets. Discuss your options for protection and your risk should you forego protection.
While some may be surprised offshore investment options are perfectly legal, others understand it is a great method of protection. There are a number of ways in which to utilize offshore guards. While creditors can find offshore accounts, U.S. court rulings will not hold up. The assets are covered under the laws and regulations of the host country. The only way creditors can access the money is by traveling to that country, had their case tried in that country’s court system, and gain similar judgment. It is unlikely a creditor will invest the time or money to accomplish this.
Your other option, often known as the poor man’s asset protection, is to transfer your assets to someone else. This can be a risky move, even when you trust the transferee. Should the relationship go astray, your assets go with it. Your enemy now owns all of your assets and this ownership will stand up in court. Creditors can also prove that it was a fraudulent transfer. This means the court sees you transferred these assets for the sole purpose of avoiding debt payments. While fraudulent transfer is legal, the court can simply ignore or undo the transfer leaving you with assets that can be taken. To avoid this accusation, prepare your protection plan well in advance of needing it.
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