4 Top Strategies For Total Asset ProtectionDo you know that you can easily lose everything you built for years in just one day or even less? A lot of things can go wrong; a business decision gone bad, an illness, a divorce-these are only some of the possible reasons why you should implement a total asset protection plan as soon as possible. Some people refer to it as bulletproof asset protection but whatever term you refer to it, it simply means protecting your assets using all legally-permissible methods to achieve financial security. You have to protect your assets from too much government taxation, from frivolous lawsuits and from unscrupulous business partners who want to take advantage of your vulnerability. You can give gifts to your family or sell some of your assets following the best asset protection strategies available without having the government question the legality of your transactions. The 2004 case of Kimball vs USA provides that the motives behind the sale of a property (usually to save on taxes), does not make the sale fraudulent if it was entered into legally. It means that even if the sale was done for guaranteed assets protection, it is still a bona fide sale. Total asset protection means building a firewall around your assets to discourage outside forces from getting even a portion of such assets. Here are some tips to protect your assets: 1. Get a lawyer You have to consult an asset protection lawyer who can give you the best advice in protecting your assets. Lawyers specializing in asset protection can devise strategies and customized protection plans for specific clients depending on their wealth and the properties they own. 2. Consider a Family Foundation A family foundation may be entitled to lesser tax benefits than community foundations but they nevertheless get tax discounts that can benefit the family wealth. Aside from the tax benefits, family members also get to hone their management skills as a foundation volunteer. This will enable them to get a good grasp of how to manage their inheritance. 3. Set up an offshore corporation Setting up an offshore corporation is a favored strategy for protecting family assets. Some people recommend Nevada since it has investor-friendly policies like the following: · Minimal disclosure requirements · Absence of state tax · It does not share information with the IRS · Allows issuance of bearer shares For maximum asset protection, you can also look at the possibility of setting up a corporation in the Bahamas. You can transfer all your wealth in the Bahamas without anyone knowing the identity of the beneficial owner. 4. Get the services of an asset management group Unless you are an expert in formulating and implementing asset protection strategies, the best way to go is to get the services of an asset management group. These people have the knowledge and expertise in financial security and they can suggest the best asset management strategy for you. One of the best ways to protect your assets is to make sure the government does not get too much of your wealth in terms of heavy taxation. There are various ways to avoid taxes legally and knowing the different tax laws can put you ahead of the game. |