Asset Protection: A Safety Net

2007-03-08 10:33:40

( Insurance )



Asset protection is a system of legal defensive tactics designed to prevent your properties and assets from being seized by the government or private companies in cases where you cannot pay back the money you have borrowed from them.

TAKING CALCULATED RISKS

Most high-risk business ventures employ asset protection strategies as a safety net to shield their private assets from lawsuit and liabilities. As all businesses need substantial start-up capital, most entrepreneurs will borrow money from lending institutions to get their ventures off the ground.

If you are a businessman, you are aware that there are many uncertainties about owning your own company. While there is a good chance of succeeding at it, some unfortunate circumstances beyond your control can bring your business to the ground. If this happens, asset protection is your safeguard against the possibility of losing everything to bankruptcy and lawsuits.

OFFSHORE ACCOUNTS

A case in point would be offshore asset protection. Among the many asset protection strategies available, offshore asset protection would have to be one of the safest and most reliable ways to go about it. Offshore asset protection is the choice of most people because it is one of the best set-ups that you can avail of. When executed properly and long before financial problems come in, it can be an airtight and unassailable protection. Most creditors are reluctant to dispute offshore assets protection because the legal process is tedious and more expensive than just letting the case go and absorbing the loss.

Be aware though that these asset protection strategies can be very complicated and highly difficult to execute. If you are seriously considering getting asset protection, it is recommended that you employ the services of a specialist - an asset protection lawyer with extensive experience in the field. Anything less will not be good enough. After all, when it comes to protection of your private assets, you should do no less than an expert.


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