Asset Protection Services

Written by Rebecca Russell
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Consider this scenario. You are headed on a long car trip. You stock your vehicle with water, maps and snacks. You plan your course ahead of time. You are sure that your tires are filled with air, that your oil has been checked and that the gas tank is full. Furthermore, you know where the tire jack is, have secured a spare tire and will bring a cellular phone and a membership to AAA just in case anything unexpected happens along the way. You are prepared.

Consider a different scenario. You are providing for your family and have a successful practice or business. You put away a significant amount of money in savings for rainy days and the education of your children. You own your own house and a number of vehicles, and pay all of your bills on time each month. You are financially successful. Suddenly, the unexpected happens and you are sued by an angry customer or by a patient claiming malpractice. Your assets are in jeopardy. Are you prepared?

Asset Protection Services

American society is obsessed with lawsuits. We read about them on the news, watch them on television, and have one of the highest lawsuit rates in the country. The average American has a one in three chance of being sued in his lifetime and many of the claims filed today are completely fabricated. With those odds, it makes sense to look into asset protection.

In general, most Americans consider asset protection as a privilege for only the rich and famous and many believe that offshore accounts can only be started with an exorbitant minimum balance. This could not be further from the truth. In this electronic age, there are many affordable options for anyone looking for asset protection. A little bit of research into the topic and one will generally find a few key aspects involved with keeping personal and professional finances private.

Many asset protection plans involve corporations, either the S Corporation or the C Corporation, in the state of Nevada. Nevada is a popular state for incorporating due to the lack of state income tax and the fact that Nevada is the only state not required to share corporation information with the IRS. Other options for incorporation include moving assets into an International Business Corporation, which can provide the similar benefits to corporations in Nevada, but in an offshore location.

Planning for Your Future

While researching asset protection, you may begin to feel slightly overwhelmed. The language can be extremely complicated and the task can seem daunting. While some may choose a "do-it-yourself" approach to asset protection, most people would advise working with someone who is intimate with the details that go into a strong asset protection plan.

A simple search on the Internet will reveal a long list of companies and consultants who appear to be knowledgeable about many aspects of asset protection. With all of the choices, it is important to choose a consultant who will put together a plan that is right for your specific needs. It is also important that you feel comfortable with the consultant that you choose to work with and there are a few things to keep in mind as you make your final decision.

Look for someone who can explain the processes to you plainly. A consultant who uses a lot of legal and tax jargon will leave you no more informed than your own research. Additionally, be sure that the person you choose to work with is available by phone and email. You will likely have a lot of questions, and getting them answered quickly is a key component of good client management. With your questions answered and a knowledgeable consultant, you will be well on your way to a secure financial future.

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