Many people only have a vague idea of what happens when they get sued by say, a creditor that wants his money back, or by an ex-spouse that wants part of the estate after divorce. We need to review this process so that you understand how important it is to protect your assets the right…
You have heard it all – people take asset protection strategies to be meant for only a select group of people. Some people feel that their wealth is already safe, and nothing can harm it. This is such a naive attitude.Many people that have this attitude end up losing their assets in very simple ways.…
It is estimated that the US courts receive over 40 million lawsuits every year. We have seen many people face lawsuits and pay millions of dollars in damages. This doesn’t mean that they didn’t have an asset protection plan in place – it is just that they didn’t make it airtight. While mistakes happen, you…
We have asset protection plans – and we have excellent asset protection plans. The typical plan can be useful, but what differentiates it from awesome plans is that it takes into consideration principles that are supposed to dictate how the plan works. Today we look at the principles of a successful asset protection plan and…
In New York, no law protects assets that you have placed in a trust that you have created to give you benefits as a trustee. In such a case, the assets can be attached by creditors and be used to cover your debts just as if they were directly in your name. However, we have…
When you are running a business, and you have potential creditors that might attach your assets, you have the option of transferring the assets to an LLC or a trust that is located offshore. Typically, a person that sues you in New York has a high chance of getting awarded a certain amount of money,…
Surveys show that only about 40 per cent of small businesses survive the first year in operation. This tells you that more than half of the businesses don’t see the end of the first year. For many startups, the owner has to put up their personal cash for capital, and they have to sign for…
As long as you have assets that someone can reach, you shouldn’t be thinking about whether you will be sued or not – it is all about when you will get sued. We have seen people that have survived risky careers without being sued and ended up getting sued for a simple slip and fall…
We live in a world where you can lose your assets at any time. Each year, more and more individuals end up bankrupt. Like any other person with assets or a family to look after, you might be wondering what to do to protect your assets and enjoy lifelong peace of mind. So, what should…
Repossession or a foreclosure is one of the issues that you many people dread. You lose assets that are vital to you, and this might leave your family stressed and unable to know what to do. Repossession also adds to the current debt, which will put more assets in jeopardy. A qualified asset protection attorney…