Asset Protection Trusts have the highest degree of property protection of any financial vehicle available. It is vital that you choose the right type of trust in order to maximise the benefits available. Depending on your assets, where you live and what you are hoping to achieve will determine the type of trust.
An asset protection attorney helps to ensure that all the pieces of the puzzle fit to meet your situation so that you assets are safe.
What is an Asset Protection Attorney?
An asset protection attorney is a legal representative who is an expert in establishing protective measures using vehicles such as asset protection trusts foundations, wills, and trust funds to name a few to secure and protect assets from any possible legal action.
Asset protection mechanisms separate an individual from direct ownership of the assets which create a separation of powers that prevent the assets from being targeted by creditors and lawsuits.
The lawyer will not necessarily refer themselves as an asset protection lawyer rather there are different titles such as “asset attorney”, “estate lawyer” or “estate planner” each meaning relatively the same thing. Asset protection is a complicated and nuanced issue that calls for a level of discernment and legal documentation that is nearly impossible to replicate without a qualified attorney’s help.
Whatever your property attorney calls themselves, it is essential that they are a knowledgeable professional knowing both the legislation and tools that can be used to best shield your possessions, whether in a domestic setting or in a foreign country.
Why Do You Need an Attorney?
Asset protection has many subtle complexities that make it hard for a person to resolve individually. Asset protection structures need a thorough and detailed corporate structuring in order to take full advantage of the entity. Problems usually arise when this step is missed. When the trust is not properly formed and obligations not properly distributed.
Without properly understanding your obligation as a protector or beneficiary you will not know your duties and how you are to respond in case of legal duress. There are a lot of dynamic regulations and laws that often change and are easily misunderstood especially when using more complicated multi-jurisdictional structures that involve several entities across a number of countries.
An asset security lawyer exists to:
- Shield your assets against fraudulent transfer cases
- Assist you to find an optimal protection plan
- Ensure that you stay within the bounds of the law
- Make sure that the trust is carried out and executed
- Offer support and ongoing guidance
When establishing an asset protection trust it is easy to make a mistake that may very well result in the very legal actions you are trying to prevent. It is for that reason a certified attorney is used, to ensure you are protected.
How to Choose the Right Lawyer?
Finding the right attorney can be difficult. With a wide range of professionals to choose from, it is often harder than ever these days to choose one from amongst the many.
Some initial qualifications will go along way, like someone who:
- Has comprehensive experience in managing asset protection
- Has an excellent track record
- Is accessible and also available
- Is there to support for a long duration
Some other considerations that may be important to ask to ensure that the attorney has a firm grasp of the industry are:
- What is the cost for setting up the structure?
- How long will it take until the structure is established?
- What weaknesses are there in the asset protection plan?
- What type of situations does this protect me from?
How to Prepare?
To save yourself as well as your attorneys time and resources, be prepared before your first meeting, which might include considering how much money you are trying to protect, the timeframe and what specific type of assets you are looking to secure.
The documents that are needed so that the attorney is able to best recommend what is suitable for your situation are dependent upon the types of assets and the structure that will be used, but can include things such as: bank declarations, housing deeds, receipts of physical properties, proof of properties etc…
Every situation is unique and every asset protection strategy can be different from individual to individual. The more well-prepared you are, the less complicated it will be for the attorney to recognize your scenario and also give you the most effective solution.
Do Not Wait Until Tomorrow
There are regulations which make it difficult to apply protective procedures after a legal case has been filed, which is why it’s important to start immediately. It is a lot easier to safeguard your properties before any suit is brought against the assets in question, rather than after.
That is why it’s important not to wait until tomorrow. Prepare today, and look for the assistance of a certified property protection attorney to assist you.