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16 June 2017

Staten Island NY Asset Protection

By Frank Harris

The current economy has businessmen generally and many ordinary families facing an accelerated risk lawsuits. Every incoming year brings with it a theory of liability, proving it more complicated to protect assets. A struggling economy, like the one we exist in, will inflate the risk of creditor threats. For those the business societies, the economy's current challenges provide a good reason for creating a plan for Staten Island NY Asset Protection.

Wait for a lawsuit before planning - This is probably the most common mistake. When a lawsuit has been filed or is expected, it is too late. No asset protection plan will work. The judge will most likely rule that any structures created or assets transferred after the fact as fraudulent. An asset protection plan has to be put in place long before the threat of a lawsuit to be effective.

Any ethical asset safeguarding advisor will tell you that the use of bearer shares is a BAD idea and if some expert is telling you otherwise, politely excuse yourself and run away- quickly. Further, be aware that any advisor telling you it is possible to absolutely "bulletproof" your corporation from liability is lying and they are simply after your money. There is no magic cloak of safeguarding from liability. That being said, a sound asset safeguarding plan is an essential part of the success of your business.

Irrevocable Trusts. In a few states, people are permitted to create trusts in which those same people are the beneficiaries of the trust. Further, the resources in the trust cannot be access via creditors. However, if not planned correctly, the distributions from the trust can often be accessed by creditors.

Whether or not you need Resource Safeguarding depends on whether or not you own any resources. If you do, you are vulnerable to many of the potential entities, such as creditors and judgments that can potentially attack your resources. It was once thought that only the rich needed to protect their resources. New tools and techniques are available and are widely used, in estate planning, through insurance products and pension etc., to practice resource safeguarding.

I will just transfer my property to my spouse or relatives - This is probably the worst thing you can do. Any competent collection attorney will sue you as well as your family members to collect the debt. In addition, your relatives or friends could refuse to return your property when you want them back. Worst yet, they can be sued for their own liabilities such as a car accident and your property is therefore exposed to their lawsuits as well as yours.

It costs a lot of money to set up an property safeguarding plan - This is true when you talk to a high priced attorney and he recommends forming very complicated entity structures and asks for upwards of $25,000 to $50,0000. Affordable property safeguarding planning can be done with very experienced property safeguarding experts using simple but battle-tested strategies and entities that cost only a few thousand dollars.

The goal is not to avoid debts; the goal is to control debts and settlements. The word debtor may scare you or bring negative connotations at this time because your debts are currently paid. Not only is this understood, but also, it is the most beneficial time to protect your assets. The word debtor refers a person in a in a "post" state of affairs as the accused or judged; in your current state you may have no creditors. However, there are "assumable risks" that you take for granted.

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