Many individuals mistakenly believe, in our "enlightened" technological society, that they are perfectly capable of developing their own asset protection plan through materials purchased off the internet or the services of their local general practitioner. Unfortunately, nothing could be further from the truth. Individuals, internet document services and general practitioners are totally unaware of the myriad of issues and problems that must be resolved prior to the implementation of any Staten Island NY Asset Protection structure.
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.
I do not have much to protect so I am not worried - Unless the equity you have in your home is lower than the homestead exemption provided in your state, a creditor can come after the equity in your house. Collection attorneys know that the best way to get you to pony up money is to threaten a foreclosure on your home. If you have a sizeable equity in your home, you are vulnerable. Just because your net worth is not in the millions doesn't mean that you don't need protection.
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.
The main aim of Resource Protection is to arrange your business dealings in a way that raises the standards for the professional takers. It does not mean that an individual forgets to settle his debts. It means that a person will in control of them, and your resource protection plan is therefore a proactive measure in doing a self tort reform.
The goal is not to avoid debts; the goal is to control debts and settlements. The word debtor may scare you or bring negative connotations at this time because your debts are currently paid. Not only is this understood, but also, it is the most beneficial time to protect your assets. The word debtor refers a person in a in a "post" state of affairs as the accused or judged; in your current state you may have no creditors. However, there are "assumable risks" that you take for granted.
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.
I do not have much to protect so I am not worried - Unless the equity you have in your home is lower than the homestead exemption provided in your state, a creditor can come after the equity in your house. Collection attorneys know that the best way to get you to pony up money is to threaten a foreclosure on your home. If you have a sizeable equity in your home, you are vulnerable. Just because your net worth is not in the millions doesn't mean that you don't need protection.
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.
The main aim of Resource Protection is to arrange your business dealings in a way that raises the standards for the professional takers. It does not mean that an individual forgets to settle his debts. It means that a person will in control of them, and your resource protection plan is therefore a proactive measure in doing a self tort reform.
The goal is not to avoid debts; the goal is to control debts and settlements. The word debtor may scare you or bring negative connotations at this time because your debts are currently paid. Not only is this understood, but also, it is the most beneficial time to protect your assets. The word debtor refers a person in a in a "post" state of affairs as the accused or judged; in your current state you may have no creditors. However, there are "assumable risks" that you take for granted.
About the Author:
Get to know the Staten Island NY asset protection law by consulting with an experienced lawyer now. The website you should check out right now appears here at http://www.gallosperolaw.com.
Posts
0 comments:
Post a Comment