Asset Protection
Asset Protection Why bother with asset protection? Because the
current litigation explosion in America is forcing
professionals, small business owners and even common homeowners
with assets to focus on ways to protect their savings,
investments and other accumulated assets that have become
attractive targets for hungry and unscrupulous attorneys.
Traditionally, Delaware had been the state in which to establish
trusts and corporations because of less liability and more asset
protection. Off-shore accounts became popular because of even
more asset protection, but now, many Americans are enjoying the
benefits of incorporating and setting up trusts in the state of
Nevada for asset protection that is easily accessible right here
in the United States.
Asset protection is important because the U.S. legal system
tries to attack anyone who may be subject to litigation and
tries to seek asset protection. Fortunately or not, the courts
are usually in favor of the plaintiff. This is especially true
if the plaintiff has the time and hires a pay-if-you-win lawyer
to pursue your assets. U.S. courts are not always competent to
handle the cases that come before them. Many times judges issue
rulings that are not fair to the defendant because their dockets
are too full of frivolous lawsuits.
An American Corporation with assets will be sued an average of
five times during the course of a profitable business venture
and will face the very real prospect of being on the receiving
end of a ruinous judgment. Asset protection plans that are
executed in the state of Nevada can save a lifetime of
accumulated wealth, but if you are not sheltered by Nevada asset
protection laws, and a law suit has already been filed against
you or even anticipated to be filed against you, the courts will
not allow you to move your assets to Nevada at that time. This
is called fraudulent conveyance. It's necessary to be pro-active
and create your asset protection structure as soon as assets are
accumulated, and in Nevada.
Remember, a pay-if you-win lawyer hired by the plaintiff can
find your personal assets easily. Law firms now specialize in
locating your assets for their clients and can locate personal
bank accounts, real estate, brokerage accounts, cars, and
businesses that are all in your name. In fact, many times a
pay-if -you-win attorney will do an asset search on you by
computer for his client before he even bothers to sue you. He
wants to make sure you have something of value so the law firm
can collect something from your family or corporation. There is
little about your personal and financial well being that cannot
be found on the internet, through credit agencies or even the
phone book. However, if the assets are not in your name and are
instead listed in the name of a corporation, trust or
partnership, finding them becomes much more difficult (if not
impossible) and expensive for the plaintiff's lawyer. If the
lawyer can't find the information he needs to take your assets,
he doesn't bother to pursue your case. Asset protection in
Nevada is the smartest thing you can do to move forward in
protecting your financial future. Asset protection laws are
changing, but right now, the state of Nevada affords the most
protection for your assets in the United States.
Learn More at www.executivesolutions.biz
About the Author: Don La Vallee (Director of Corporate
Operations)
Rick Kelly has been a well respected magazine and newspaper
colunist in the fields of civic and business development for the
past twenty years.