An Introduction To Asset Protection
A multi-part series on Asset Protect, a topic few people understand will be discussed. There are two rules to Asset Protection and five levels to Asset Protection that should be kept in mind. We begin with describing these rules and reviewing the five levels.
The first rule: You will be in a much stronger position if you set up the asset protection structure before you need it. If you wait until a claim has been formed against you or your company, it will be much more difficult to protect assets.
The second rule: You may have to take multiple steps to protect your assets, unless, you are willing to give all your assets away. Think of it in terms of levels, not everyone will need or want to use every level of asset protection but everyone should be using some of these asset protection techniques.
The Five Levels of Asset Protection:
- Everyone in a business or profession should be using one or more properly formed and maintained business entities.
- Take care of basic estate planning.
- Take advantage of exemptions and marital planning.
- Consider asset protection for all significant investment assets.
- Consider setting up long term entities for family asset protection, estate, and gift tax benefits.
The single biggest benefit to retaining an asset protection attorney is to have a professional who understands the legal system and your situation. An experienced lawyer who specializes in protecting assets will be able to compartmentalize the types of risks you and your assets face Hiring a professional to review, negotiate and/or draft the Asset Purchase Agreement is the very first step towards closing – do not skip over it.
At Jurado & Farshchian, P.L., our business attorneys make a living out of taking care of your unique needs. Our firm represents clients in many types of businesses, in various industries all over the world, and we pride ourselves on providing personalized legal services you will not get anywhere else. Let us show you how our firm can help you protect your interests in an Asset Purchase Deal. All you need to do is call us today at (305) 921-0440 or email us to [email protected].
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