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Attorney and legal columnist Deborah L. Jacobs promotes asset protection in the March 2005 issue of the Bloomberg Wealth Management Magazine. As she observes, “Once regarded as a shady practice, using asset-protection tools like offshore trusts to deter creditors is now considered essential to effective estate planning.”

Her article “Going Under Cover” details the uses of asset protection and goes over different strategies.

According to Jacobs, asset protection gets a bad reputation from “dead beats, scam artists, and tax evaders” even though it’s now a “mainstream” tool often used by hardworking individuals. Asset protection strategies serve these “honest folks” preserve wealth.

It protects against risks when their malpractice won’t, whether it’s from “errors-and-omissions” or items too “prohibitive to cover because of rising insurance costs.” In the case of one couple, it helped them survive a lawsuit stemming from their small business. She cites a couple putting almost a third of their income into offshore and domestic trusts. The trusts contained about $30 million in assets. A few years later they sold their business. Only a $300 million trade-secrets lawsuit caught them by surprise. As Jacobs writes,”With their asset-protection plan in place, they were able to settle for a nominal sum.”She describes limited liability companies as one of the “favored asset protection vehicles” – to use with their estate planning.

Offshore trusts are recommended as “the ultimate in asset protection.” They give a “tactical advantage.” Outside the border, these trusts are created in countries favorable to the individual, and not in countries that can take away their assets. Not being subjected to the United States jurisdiction provides a better opportunity to protect their assets in such a way.

She also points out the “mixed reviews” of offshore trusts in recent years. Jacobs explains, its “because of several notorious cases in which people who were already in legal trouble put assets offshore and basically thumbed their noses at the U.S. courts.” Yet she’s also quick to note some experts regard them as just a few “sleazy characters who made a bad impression on judges and gave offshore trusts a bad name.”Individuals looking into asset protection should proceed with caution. Jacobs advises being wary of strategies with alternative purposes, “whether it’s to save income or estate taxes or maximize opportunities.” For a practice once regarded as “shady,” Jacobs and Bloomberg Wealth Management magazine makes it clear, asset protection offers the doctor or businessman next door an honest and effective estate planning.

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Pashmina Lalchandani

CEO & Co-Founder, Bar & Cocoa / Owner, Flow Simple
December 9, 2010, Douglass was a client of Pashmina’s

I’ve known Doug in many contexts, as a friend, as a client and as a business partner and he impresses me on all levels. He’s dependable, smart, generous and I wouldn’t hesitate recommending him and his law firm to anyone.
He’s the best and most ethical lawyers providing asset protection with rock solid strategies to give you peace of mind about your wealth. Straight forward, and straight talk. Doug is exactly the lawyer I want on my side. If I send someone to Doug, I know they’ll thank me for it!

Social & Solar Entrepreneur, Pan Afrikan Theorist, Translator/Interpreter,
Founder & Visionary Leader @ Afrikanpride.
March 12, 2011, Marlon E. D. J. worked with Douglass but at different companies

Doug is one of the most powerful thinker i have came across. During the short time that i have known Doug he has been a great source of inspiration. He has a simplistic yet effective and accurate way to analyze anything you bring to his attention, and then by asking you key questions he gets you to see the light at the end of the tunnel. Besides being extremely bright, he is a genuine and caring individual which is why I feel fortunate to know him. I can say without a doubt that he his the person you would want to talk to if you were in need of a person with his expertise.
Most of the lawyers out there will probably meet your needs, but if you are looking for someone to exceed your expectations and give you that wow factor, look no more he is the person for the job.

Patricia Salter

Associate Dentist at Smileology
December 1, 2010, Patricia was a client of Douglass’

I have been a client of Douglas Lodmell’s since 2001. My main concern was asset protection in this litigious society. I can sleep alot better at night knowing I have the instruments in place to protect the fruits of my labor, and that they will not end up in the hands of a slick trial attorney.

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