West Palm Beach Asset Protection Attorney
Every state has laws that allow for the individual to place certain assets out of the reach of creditors. At the same time, each state has certain laws that limit the circumstances and the timing under which you can place those assets out of reach. We believe that the art of asset protection planning and structuring involves understanding those laws, and understanding the types of entities, the locales that best serve as protective havens, and the realities of the American legal process involved in the collection of debts. Without a thorough understanding of each of those elements, it is unlikely that one could safely put one’s assets out of the reach of creditors.
Offshore asset protection planning and structuring requires a thorough understanding of the interaction of international legal systems. It requires knowledge of the selected nation’s civil, banking, political, criminal and tax systems as well as the treaty status between America and that country. An asset protection advisor who is located solely in the foreign jurisdiction, or who has no legal credentials, is unlikely to have those credentials. It is also important that your lawyer has a direct working relationship with professionals in the selected nation. If your plan is so complicated that you do not fully understand it, how do you think it can be defended…and who exactly is going to defend it? Contact our West Palm Beach asset protection attorneys today.
Types of Asset Protection
- Hybrid Planning
- Creditor Protection
West Palm Beach Asset Protection FAQs
Can I protect my assets without putting them offshore?
There are several tried and true mechanisms for placing assets and to safe havens within the United States. Often this involves choosing states that provide for confidentiality, and whose laws are weighted in favor of debtors rather than creditors. Any good asset protection lawyer will understand those various options. The more important question involved in domestic asset protection planning is the circumstances that are motivating the planning, the timing of the proposed planning, and the resources and motivation of the potential creditor body. Any lawyer who professes to do asset protection planning and who does not “drill down” to obtain a thorough understanding of those circumstances is not likely to put you in a position of protecting your assets.
Can my assets be protected?
Every state has laws that allow for the individual to place certain assets out of the reach of creditors. At the same time, each state has certain laws that limit the circumstances and the timing under which you can place those assets out of reach. The art of asset protection planning and structuring involves understanding those laws, and understanding the types of entities, the locales that best serve as protective havens, and the realities of the American legal process involved in the collection of debts. Without a thorough understanding of each of those elements, it is unlikely that one could safely put one’s assets out of the reach of creditors.
Is offshore asset protection safe?
Offshore asset protection can be done safely if it is done with the assistance of competent legal counsel. One should avoid nonlawyer “asset protection” companies or firms, particularly when there is lack of complete clarity as to who are the individuals “behind the curtain”. A lawyer is bound to rules of ethics and standards of competence and, if he or she falls short in those respects, you would have the right of recourse against the lawyer, including the right to file a grievance that would jeopardize the lawyers licensed to practice law. A nonlawyer “asset protection” company is probably done everything possible to evade legal process and is most likely not subject to any ethical oversight. A competent lawyer practicing in the arena of offshore asset protection structuring will be familiar with the banking, secrecy, and collection laws related to a variety of international jurisdictions, and will have a personal relationship with the professionals in the particular jurisdiction and who will be held to, by that jurisdiction, to the same standard of integrity as the lawyer would him or herself be held to in the United States. You should never become involved in an offshore asset protection “plan” if you do not have a thorough and clear understanding of the jurisdiction and of all of the “players” who will be involved in that plan. If any part of it is somewhat “mysterious”, you should consider that to be a warning sign.
When is offshore asset protection used?
Offshore asset protection planning involves the strategic use of international jurisdictions to relocate assets, but to do so in a manner that allows the individual the continued use and benefit of those assets while keeping them out of reach of American courts collection jurisdiction. It is typically only useful with respect to liquid assets and it should never, ever involve an attempt to evade taxes. It requires the use of reputable participants in stable environments with modern laws. It is substantially more expensive and cumbersome than domestic asset protection planning and should only be used when domestic asset protection planning will not in and of itself accomplish the goals intended.