Asset Protection works for one simple reason: It removes the economic incentive for a person, and that person’s attorney, to pursue (SUE) you.
It really is that simple. What is not simple is how you go about accomplishing removing the economic incentive. And this is what separates the wheat from the chaff.
To successfully create a plan in which a court will recognize that you no longer have sufficient control of your assets to be forced to recover them in the event of a judgment against you, is difficult to say the least. This is especially true if you wish to hold on to the control, and beneficial use of those assets.
Asset Protection is just that, a delicate balance between your use and control of your assets and a sufficient lack of such control which will be respected by the courts. Over the past 20 years, this area of law has developed a great deal. And the answers which may have worked back then, are not going to work the same way today.
The simple formula for achieving this is as follows:
The less control you have, the more likely the court will honor your planning. The more control you have the less likely. And no matter what control you have, if a U.S. court decides it wants to reach your assets, and they have the power to do so, all bets are off.
What this means is that it is important for you to have a solid domestic Asset Protection structure, but it is not determinative. The only way I am ever able to tell my clients they can truly sleep soundly at night is by connecting that solid domestic structure with an even more solid international one.
The result is a plan which has every reason to believe that it will be respected by a U.S. court, and yet maintains the ability to exit that system when it becomes clear that they are not.
How we do this at Lodmell & Lodmell is through the use of the Bridge Trust®. This trust is a revolutionary concept designed and exclusively used by us. It is simple to maintain and use when you aren’t under attack, because you remain in control of your assets. However, in the event that you are attacked, the assets can ‘cross the bridge’ and are shielded by the worlds most protective jurisdiction, The Cook Islands.
To learn more about how this unique trust works, you are invited to contact my office at 602-230-2014, or email us as info@www.lodmell.com. You can also Click Here for more details on The Bridge Trust ®.
I own my own home, my own pet care business. When my first husband died, he left me with a 2000 Honda civic. That’s when I started my own pet care business. Then I married my current husband, Jeffrey. Jeffrey is on Social Security Disability. Now I and Jeffrey have separated and SSI is attempting to attack me for my assets. I own a 2000 Honda Civic, a 2006 Mazda B-3000 truck for my business. Jeffrey never had a license, he never drove a car in his life. SSI is trying to get me to sell my assets and give them the money. Jeffrey didn’t purchase any of my assets.
I am sorry for your situation! Your particular circumstance requires the expertise of a local Elder Law attorney that can advise you on how best to separate separate property and business assets from the demands of SSI. Most Elder Law attorneys will offer you an initial free consultation. Best wishes!