Asset Protection is very much in demand these days with the daily torrent of suits lodged in US courts and elsewhere around the globe. Unfortunately Asset Protection is misunderstood by professionals and their clients. Which is why many large corporations and high net worth individuals were sprung by US and German government agencies. Asset Protection to be effective must not rely on products such as offshore bank accounts, international business corporations and trusts. These are all products not processes. Effective Asset Protection is a process of managing assets, business affairs and financial transactions.
All too often professional advisers, lawyers and accountants make money selling products as solutions for asset protection. Having the things used in the asset protection process does not guarantee the provision of a successful asset protection plan. It is amazing that professionals generally state that the key to asset protection is having control over assets without having ownership yet they then go about providing a bank account for the control, owner and person seeking to protect their assets. Once your name goes on a bank account or company document as a director, owner, shareholder, director or authorized signatory the jig is up. Game Over! You Lose!
Of course there are the things mentioned above which are needed in the asset protection management process. However it is how those things are managed which determines whether asset your protection plan is solid and bulletproof or not. Most professionals to whom clients flock have big city offices and walls of academic qualifications - but little practical in the trenches hands on experience actually helping to manage assets and financial transactions for their clients. And clients have neither academic qualifications or experience in asset protectio to be able to assess the validity of the plans trotted out by their advisers.
Most advisers are in fact charlatans selling their clients packages which are worthless in the hands of a novice. How many advisers take an active role in managing the process for their clients and how many simply sell them a product with the label Asset Protection? True Assets Protectors provide a service helping clients manage their affairs whether it be onshore protection or offshore protection. If you have assets worth protecting then it is worth doing it correctly. Beware of those who tell you the solution is to buy an offshore company or open an offshore bank account. If you do either of those two things it is impossible for you to have your assets protected. And you are also guilty of law breaking if you do not disclose having them. Bottom line then is you not only expose your assets but you face penalties including jail.
Real Assets Protectors will provide asset and financial transaction management services which may well entail costs for establishing corporations and bank accounts and preparation of trust deeds. Do not believe lawyers nonsense that a trust deed can protect assets. For centuries wealthy families have used trusts to protect assets and hold assets intact for dynasties. However over the passed 30 years courts in the USA and Australia have frequently ignored trusts on the grounds they are abusive or inequitable.. Asset Protection is worthwhile and an expensive process if you are serious about it working. If not then do not even bother wasting money on token company structures and foreign bank accounts. Asset Protection is not something you can do legally independently - you need assistance. You can not quickly learn everything about Asset Protection either as there are no up to date books on the subject. Laws, the economy and government policies are constantly changing. For more information on asset protection follow this blog.
