• Call Us Now
    (941) 739-5006

  • Send Mail Us
    financial@assurity.us

Everyone who has been fortunate enough to accumulate assets in today’s economy needs some form of asset protection.

The goal of all asset protection planning is to insulate assets from claims of creditors without concealment or tax evasion.

Asset protection planning should be based on the presumption that the entirety of the planning and its purpose will eventually become known to creditors, because one way or another it usually does.

Many things you can do will effectively provide asset protection before a claim or liability arises, but few things will afterwards. That’s because what you do after a claim rises could be undone by “fraudulent transfer” law.  It is a common misconception that the only thing a judge can do is to unwind a fraudulent transfer, leaving a debtor who unsuccessfully tried late planning no worse off than if he had done nothing. To the contrary, both the debtor and whoever assisted in the fraudulent transfer can become liable for the creditor’s attorney fees, and the debtor can lose the hope of getting a discharge in bankruptcy.

Asset protection planning should not be a substitute for liability and professional insurance, but rather should supplement insurance.

Business entities such as corporations, partnerships and LLCs are meant to be vehicles for commercial operations, not to act as personal piggybanks. When personal assets are placed into a business entity, the potential for the entity to be pierced by a creditor (called “piercing the corporate veil”) on some theory or another, such as alter ego, increases exponentially. The place to put personal assets is in a trust. There is a long and solid body of law that protects trust assets—when the trust is properly drafted and funded.

Often asset protection planning and estate planning work together, but sometimes they are at odds and what might be a good idea for estate planning may not be such a hot idea for asset protection.

Anyone who is concerned about their contractual liabilities or being named as a defendant in a civil dispute needs an asset protection plan.

Take all of the uncertainty out of the asset protection equation by employing the expertise of Assurity Financial Group.

 

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Asset Protection

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  • 2429 Manatee Ave E, Unit 1 Bradenton,
    FL 34208
  • Call Us Now

    (941) 739-5006

  • Send Mail Us

    financial@assurity.us

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