October 29, 2001 By: Sharon Preston Website: http://www.need-to-know-finances.com Why do you need asset protection? It is no longer simply the super wealthy that protects their assets. Nowadays, many business owners, professionals and executives are taking advantage of asset protection. With all the malpractice suits, and accidents that occur on a regular basis asset protection is becoming necessary for more and more people. The United States is the most litigious country in the world and leaving your hard earned possessions unprotected is becoming more risky all the time. So what exactly is asset protection? It is the creation of legal entities (IBCs, trusts etc.) and relationships which protect a person's wealth and assets from any possible creditors, whether private (ex. former business partners, tort claimants and banks) or public (ex. IRS, Department of Justice and State Tax Agencies). The benefits with using such a strategy are numerous. All investments and assets of the entity are removed from the reach of any North American or foreign creditors, lawsuits or seizures. If your assets were placed in an International Business Corporation in the Cayman Islands, for example, where the banking secrecy laws are strict, then the adversary would have to sue you in the Cayman Islands. The attacker would have to make an initial deposit with the court there, as well pay for the estimated legal costs. If you were to win, you would be fully compensated from the court out of your adversaries pocket for the inconvenience. Naturally this procedure would deter any possible attack on your assets. What is the best solution? Move as many possessions offshore as you feel comfortable. Naturally, not everyone is initially willing to move all of their hard-earned assets to an offshore protection plan but a little asset protection is better that none! Click here for more information on Asset Protection or to choose from a variety of related products and services. About The Author: Sharon Preston is a successful author and publisher of http://www.need-to-know-finances.com.  A one stop resource featuring information, reviews and articles related to the offshore arena.

 

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