Once you have made your money in real estate, trading or investing you will need to know how to keep it safe. In the unfortunate event of someone suing you they can easily take all your possessions if you don’t have a good asset protection plan.
Without doubt Dominique Grubisa is worth learning from if you are serious about having a solid plan in place. She has the most advanced system to secure your assets to prevent anyone from having access to them. There are many different strategies you can implement, some are better than others.
As a top level barrister Dominique has an extensive knowledge of the law and worked out how to legally keep all your possessions under your name and untouchable from others.
Why is it important to protect your assets?
In recent times, there has been a surge in the number of lawsuits filed in the court rooms across the globe which have resulted in irreparable financial losses for millions of people.
From divorce cases, malpractice lawsuits, and to business dealings gone wrong, it appears that nobody is impervious to litigation today’s overly-litigious society.
Whether you are a business owner, employee, lawyer, healthcare practitioner or perform any form of professional service, one of the most important financial decisions you will ever make is how to effectively protect your assets from tax authorities and other creditors’ claims.
You need a plan NOW
Setting up appropriate smart ownership structures will help safeguard your assets and protect your business from creditors if any litigation arise further down the line. After all, you worked hard to acquire these assets and so, it would be perfectly logical to explore every legitimate means to protect them by placing assets beyond the reach of creditors.
It goes without saying that having a good asset protection plan could well be the difference between financial security and bankruptcy. Forbes.com has an excellent article about protecting your assets.
Without such a plan in place, a creditor can proceed to enforce a court judgement against you in a number of ways. The creditor could decide to obtain a writ for wage attachment from the courts whereby the creditor will receive pre-determined percentage of your pay check.
This is usually effected through the court bailiff who notifies your employer of the court judgement and receives the payment from your employer on behalf of the creditor.
Likewise, the creditor can secure a property levy order against you or place a lien on any real estate property that you own. One of the major implications of a lien on your property is that if you ever wish to refinance the mortgage on the real property or sell it off out rightly, the lien holder must be paid first before such a transaction can be concluded.
A creditor could equally seek the option of executing the lien by compelling the courts to seize your prized assets with a view to selling them off at a public auction and the funds realized will be used to clear the debts owed or even compel you to appear in court, under the penalty of perjury, to answer questions about what you own and also how much income you earn.
It is not uncommon for arrest warrants to be issued against the judgement debtors if the court has sufficient reason to believe they might flee without settling the debts owed.
All of these scenarios are totally avoidable with a timely asset protection plan.
How to set up your protection plan
Fundamentally, your asset protection plan needs to be implemented in such a way that it will not be misconstrued by the judges and creditors as an attempt to actively conceal your assets or avoid paying taxes but rather as a legitimate means of preserving your equity.
A court judge would easily see through an ill-timed, poorly structured protection plan and any steps taken to protect your assets after court proceedings have been initiated against you can easily be voided with a court judgement obtained by your creditor. So, timeliness is key in asset protection and the longer you wait to take action, the fewer the options that will be available to you.
Asset protection is a type of preventive planning that discourages disputes and prevents future litigation. Financial planning skills are required to efficiently manage monetary resources and hiring a financial planner would be most appropriate in order to take advantage of their vast knowledge and experience in asset protection strategies.
A financial planner can put together a customized plan that will help you to achieve your specific financial goals as the needs and desires of each client are different. They will assist you with issues relating to budgeting, cash flow management, risk exposure, debt management and ultimately plan for your retirement. They will also determine the appropriate level of asset protection required for your particular circumstances and where necessary, they will draft and register safe prenuptial agreements, LLCs, partnerships, Trusts and corporations for your benefit with a view to keeping your assets safe.
With an effective asset protection structure, you can be rest assured that your assets will be adequately protected and that they will pass into the hands of the trustees you specified in your legal documents.