Asset protection is based on the basic principle that any asset that you own (with some minor exceptions) can be reached by a creditor: any asset you do not own, cannot be reached by your creditor.
That is the goal of asset protection planning. Various structures aim at removing you from the legal title to your assets, while retaining with you complete control and enjoyment of the assets.
There are dozens of various asset protection structures available, with the pecific structure best suited for each person dependent on: (1) the nature of the asset being protected (i.e., different structures are used to protection rental real estate, a personal residence, a bank account, a retirement plan, etc.); (2) the timing of the claim or lawsuit; (3) the debtor's risk aversity; and (4) the aggressivness and the intelligence of the creditor. Our team of experts will put together an asset protection package tailored to your specific needs.
Asset Protection Trusts
An asset protection trust is: