Asset protection works. If you have assets, it most certainly makes sense that you consider devising an asset protection strategy and implementing an asset protection plan as soon as possible. Why the urgency, you might ask. The answer has everything to do with the way the laws are written, and more fundamentally, with human psychology. When things are going well for you–when you have a lot assets and it seems that your assets are growing–it’s difficult to imagine things going badly. It’s also easy to conclude “I’ll get asset protection when there is a threat on the horizon.” That’s just human nature.
When There Is A Threat On The Horizon
When you suspect a threat, it’s often too late to implement an asset protection plan in a way that guarantees your assets will be shielded. Three words explain the reason.
The moment you are aware that a claim is pending against you–the moment that you see a threat on the horizon–it’s too late to guarantee that your assets can be protected. Fraudulent transfer laws provide judges with a loophole–the only loophole–to overturn asset protection planning. That’s not to say that you shouldn’t try to attempt to protect your assets if you know that claim could be “out there,” but it does make much more sense to plan ahead . . . because then there are NO LOOPHOLES to your planning if it’s in place before you are attacked.
Never Too Soon for Asset Protection
The worst case scenario is that you try to protect your assets when it’s too late and then lose in court (or due to some other type of claim). In that case, you will have to incur the cost of implementing an asset protection strategy and then, on top of it all, the plan might not work. Think about your asset protection planning this way: It’s an expense that will help you sleep at night knowing your assets are completely safe. You can completely do away with the risk that your assets are exposed to frivolous lawsuits or even legitimate lawsuits filed against you personally.
The reality is that most people never have to trigger their planning, and we are very open that fact with our clients. But asset protection planning is a one-time insurance premium that can offer a lifetime of protection for your hard earned assets. Think about it like this: Most people with significant assets are used to spending money in order to generate additional revenue. When was the last time you thought about spending a little money to protect your existing assets and sources of income? Think about it and call Lodmell & Lodmell if you have any questions about asset protection.
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