Many people do not realize that there are a number of common misconceptions on the asset protection planning. The following is a list of these common myths and you will find interesting when it comes to Staten Island NY Asset Protection planning.
You should be wary of anyone who is advising you to shield yourself through the use of "bearer shares". Bearer shares are corporation stock certificates which are owned by the person who holds them, the "Bearer", and are not recorded under the owner's name. Some unethical asset protection advisors tout bearer shares as a means to shield the ownership of a corporation and thus evade the tax liability associated with the corporation.
There are a number of different resource protection strategies that a person can pursue, in particular: Gift Giving. Although an inflexible strategy for the gift-giver, simply giving away resources will generally make those resources unavailable to satisfy a judgment against a gift-giver because the property at issue is no longer the property of the gift-giver. However, in circumstances where a judgment has already been awarded or the debtor is insolvent, such gifts may often be used to satisfy a judgment.
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.
A trust is what I need for property protection- Many people have been told that trusts can provide all the property safeguarding necessary. Well, they are wrong, trusts are primarily estate planning tools. They do not provide property safeguarding in most cases. There have been too many cases where trusts were busted by lawsuits and properties were lost. So they are unreliable as property safeguarding tools.
It is widely known that a high percentage of lawsuits in the world are filed and taken to the court in the US. If you own an estate, chances are you will be a target. With a visible estate, you are the bulls eye. Creating a stealthy lifestyle will not save you, your resources are figured out by any creditor with good reasons to do so.
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.
Asset protection is a requirement in these times when people have a keen eye for money. In general, the number of lawsuits filed each year project that on average, each person will be sued five times in his or her lifetime. You should therefore ask yourself the plan you are going to take when this time arrives and if at all you will be ready. It is a high time you start planning.
You should be wary of anyone who is advising you to shield yourself through the use of "bearer shares". Bearer shares are corporation stock certificates which are owned by the person who holds them, the "Bearer", and are not recorded under the owner's name. Some unethical asset protection advisors tout bearer shares as a means to shield the ownership of a corporation and thus evade the tax liability associated with the corporation.
There are a number of different resource protection strategies that a person can pursue, in particular: Gift Giving. Although an inflexible strategy for the gift-giver, simply giving away resources will generally make those resources unavailable to satisfy a judgment against a gift-giver because the property at issue is no longer the property of the gift-giver. However, in circumstances where a judgment has already been awarded or the debtor is insolvent, such gifts may often be used to satisfy a judgment.
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.
A trust is what I need for property protection- Many people have been told that trusts can provide all the property safeguarding necessary. Well, they are wrong, trusts are primarily estate planning tools. They do not provide property safeguarding in most cases. There have been too many cases where trusts were busted by lawsuits and properties were lost. So they are unreliable as property safeguarding tools.
It is widely known that a high percentage of lawsuits in the world are filed and taken to the court in the US. If you own an estate, chances are you will be a target. With a visible estate, you are the bulls eye. Creating a stealthy lifestyle will not save you, your resources are figured out by any creditor with good reasons to do so.
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.
Asset protection is a requirement in these times when people have a keen eye for money. In general, the number of lawsuits filed each year project that on average, each person will be sued five times in his or her lifetime. You should therefore ask yourself the plan you are going to take when this time arrives and if at all you will be ready. It is a high time you start planning.
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