At GreenPro, we have a team of professionals specialising in assets protection strategies. Assets protection is a set of legal techniques and a body of statutory and common law dealing with protecting your assets and business entities from unwanted money judgments. The goal of all asset protection planning is to insulate your assets from potential claims of creditors without concealment or tax evasion.
Assets protection consists of methods available to protect your assets from potential liabilities arising elsewhere. It should not be confused with limited liability, which concerns the ability to stop or constrain liability to the asset or activity from which it arises. Assets that are shielded from creditors by law are few (common examples include some home equity, certain retirement plans and interests in limited liability companies (LLCs) and limited liability partnerships (LLPs). Assets that are almost always unreachable are those to which one does not hold legal title. In many cases it is possible to vest legal title to personal assets in a trust, an agent or a nominee, while retaining all the control of the assets. The goal of assets protection is similar to bankruptcy, and the two practice areas go hand-in-hand. When a debtor has none to few assets, the bankruptcy route is preferable. When the debtor has significant assets, asset protection may be the appropriate solution.
The rich are clever to make use of laws and regulations to protect their assets. They know how to use legal entities created under the different laws, trust laws, corporate laws, partnership laws, and tax incentives available to all, not just the rich. The average guy wants to own assets. The rich are clever to understand that control is more significant than ownership. By not owning the asset, they control frivolous lawsuits, avoid probate, avoid estate/inheritance taxes, and they are able to reduce their tax liabilities significantly.
Ownership is the absolute right to possess and use asset to the exclusion of others. Control is the control of others or skilfully influencing others to advantage. Ownership is absolute; control is not. If assets are in the absolute control of others, there's no control on how it can be transferred, thus avoiding frivolous lawsuits. Sue me! You will never get a dime.
The rich understands how to diversify their assets worldwide. The theory does not put your eggs in one basket" applies to everyone, not just the rich. Everyone, including you, has the same opportunity to diversify, the number may be smaller for the average guy, but there is nothing that the rich are doing that is not available to everyone. Below are some of the methods available to protect your assets:
- Truly Independent Trustees
- Irrevocable Trusts
- Foreign Trusts
- Limited Liability Companies
- Foreign Limited Liability Companies
- International Business Companies
- Limited Partnerships
- Corporations under Chapter C
- Corporation under Subchapter S
GreenPro's team possesses the professional skills, knowledge and expertise to help you structure the right assets protection strategy to accomplish your life goal and mission. Please feel free to contact us for a no obligation meeting.