We have seen how cost comes into plan in the previous part of this series. When you spend little, you might end up with little protection. Additionally, when you spend too much for little protection, it doesn’t make sense. Make sure you balance the size of your estate to the cost. Here are other principles…
The second part of the series on principles of asset planning looks at other principles that make your asset protection plan the best. With so many loopholes, you need to make sure that what you come up with is foolproof. Let us get down to business. Keep it Simple Many planners think that success comes…
We have liabilities that affect the business end of your life, and we have those that affect your personal life and family. These liabilities will put at risk the assets that you own with your family, and might lead to attachment by creditors. The car might be repossessed or the house foreclosed. Let us explore…
Scenario Jerryto is a manufacturer of car parts and always holds its office party twice a year. This year is no different, and the company prepares its site for the bash, including putting up tables, paying for entertainment, and organizing for food and drinks for the bash. The company doesn’t hire caterers to serve the…
“It wasn’t raining when Noah built the ark, But when the rains came, those that failed to get into the ark perished.” If you have never faced a lawsuit from your creditors, nor been in a financial crisis before, then you might think that asset protection planning is useless and meant for other people. Life…
Many people own both commercial and residential real estate in New York. This is a good idea, but when it comes to asset protection for this form of property, there is a huge problem due to the liabilities that they face. Let us look at the various obligations and how they affect the property. Owning…
Over the past few years, we have seen a rise in IP litigation cases. The average number of cases per year related to patents only is 730. A few years ago, intellectual property wasn’t such a big deal. However, due to an increase in cyber-attacks, the necessity to guard your IP has become a priority.…
When you set up a commercial venture, you choose between a sole proprietorship, partnership, and an LLC. A big mistake that people make is failing to separate their commercial establishment from private properties, and end up losing the properties to creditors. Forming an LLC is a sure way to guard your properties from getting attached…
For most people, the family home represents a vital part of the estate we own. Losing the home is one of the most dreaded events that can happen to us. This is because apart from the monetary value that is attached to the home, we are also emotionally attached to it. Studies show that more…
The long-term goal of asset protection is to provide security against any threat to your wealth. So, how does estate protection do this? Asset Protection Helps Avoid LawsuitsNew York City is placed third on the annual list of “judicial hellholes” in the US. It boasts of individuals that have sued others more than 25 lawsuits…