Assets Protection
Services
At
Falcon CPA,
we have a team of professionals specialising in assets
protection strategies. Assets protection is a set of legal techniques and a body of statutory and
common law dealing with protecting your assets and business entities from unwanted money
judgments. The goal of all asset protection planning is
to insulate your assets from potential claims of creditors
without concealment or tax evasion.
Assets protection consists
of methods available to protect your assets from potential
liabilities arising elsewhere. It should not be
confused with limited liability, which concerns the
ability to stop or constrain liability to the asset or
activity from which it arises. Assets
that are shielded from creditors by law are few (common
examples include some home equity, certain retirement
plans and interests in limited liability companies
(LLCs) and limited liability partnerships (LLPs). Assets
that are almost always unreachable are those to which
one does not hold legal title. In many cases it is
possible to vest legal title to personal assets in a
trust, an agent or a nominee, while retaining all the
control of the assets. The goal of assets protection is
similar to bankruptcy, and the two practice areas go
hand-in-hand. When a debtor has none to few assets, the
bankruptcy route is preferable. When the debtor has
significant assets, asset protection may be the
appropriate solution.
The rich are clever to make use of laws and regulations to protect their assets. They know how to use legal entities
created under the different laws, trust laws, corporate
laws, partnership laws, and tax incentrives available to all, not just the rich. The average guy wants to own assets. The rich
are clever to understand that control is more significant than ownership. By not
owning the asset, they control frivolous lawsuits, avoid
probate, avoid estate/inheritance taxes, and they are able to reduce
their tax liabitilies significantly.
Ownership is the absolute right to possess and use asset to the exclusion of
others. Control is the control of others or skillfully
influencing others to advantage. Ownership is
absolute; control is not. If assets are in the absolute
control of others, there's no control on how it can be
transferred, thus avoiding frivolous lawsuits. Sue me!
You will never get a dime.
The rich understands how to diversify their assets worldwide. The theory does not put
your eggs in one basket" applies to everyone, not just
the rich. Everyone, including you, has the same opportunity to diversify, the number may be
smaller for the average guy, but there is nothing that
the rich are doing that is not available to everyone.
Below are some of the methods available to protect your assets:
·
Truly Independent Trustees
·
Irrevocable Trusts
·
Foreign Trusts
·
Limited Liability Companies
·
Foreign Limited Liability Companies
·
International Business Companies
·
Limited Partnerships
·
Corporations under Chapter C
·
Corporation under Subchapter S
Falcon CPA's
team possesses the professional skills, knowledge and
expertise to help you structure the right assets
protection strategy to accomplish your life goal and
mission. Please feel free to contact us for a no
oblication meeting.
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