Asset protection should not be used to shield oneself from valid claims. If one makes a mistake they should be responsible for the damages. Fair is Fair. However, what we all fear is the valid claim that is blown out of proportion, or worse the frivolous claim.
Asset protection planning involves figuring out and applying a lawful series of techniques that protect your assets from claims of future creditors. The techniques are designed to deter potential creditors from going after you, and frustrate them if they do, generally by making it difficult or impossible for future creditors to grab hold of your assets or collect judgments against you.
In cases where significant sums are involved, asset protection planning often includes setting up a series of trusts, partnerships and/or off-shore entities to hold legal title to your assets. A future creditor who recognizes how difficult it would be to collect on any judgment it may win, might decide it makes little sense to pursue a claim, or be willing to settle for pennies on the dollar.
Much has been made in recent years by those setting up off-shore asset protection havens. However, man of these are set up on shaky legal grounds and frankly don’t work.
It is absolutely critical to seek the advice of a qualified attorney who practices in the area of asset protection. And if the promises seem too good to be true- guess what? They are!
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