What are the Elements of an Iron Clad Asset Protection Structure?
There are different levels of Asset Protection Structures depending on what your goals are. Everyone wants to keep their hard earned wealth safe and secure. Unfortunately when you have even a little wealth there are scores of parasites out there who’ll try to take it away from you.
There are law suits for almost anything nowadays. Almost all of us in business have been sued at one time or another, whether by ex employees or business partners. If you are a medical professional you could be sued by a patient.
Tax collectors are the ultimate parasites and they can often grab your money and freeze your assets first and ask questions later. There are multiple government agencies that have the ability to freeze your account and your assets.
Can you imagine waking up one day to discover that you can’t use your bank account? Most people never think about it until it’s too late. If you wanted to avoid that kind of scenario what can you do? What does an iron clad asset protection structure look like?
Firstly you want to have a structure that is not owned by you. As one of the Rothschild’s said “Own nothing, control everything”.
That means that you’ll want to have a foundation or a trust at the top of your asset protection pyramid.
You probably won’t want to carry out day to day operations through a trust so below that you’d have an offshore company. The jurisdiction would depend on your particular situation.
The Company would be in a different jurisdiction to the trust. If you chose to form a Company in The Cook Islands, for example, it would be impossible to seize any assets it owned without going to court in The Cook Islands. That would, in itself, be enough to put off all but the most determined pursuers.
Your offshore Company could own various assets around the world. For example, it could own property and bank accounts around the world.
Your creditors would not even know these assets existed, never mind be able to seize them. For assets in your home country where the perceived risk is you could make sure that there is never any equity in your home.
You could have a mortgage from your own company or trust. Make sure that your car is leased. Keep only enough money to cover a couple of months expenses in your local bank account.
Keep any big stashes overseas in the name of your company or trust.
Have precious metal stored in a non bank vault in a different country. Owned by your trust, of course.
You’ll also want to make sure that you have an overseas bolthole in a location that you like spending time and a residency or passport from a different country.
If you’re able to put all these steps in place you have made yourself virtually immune from having your assets seized by a third party.
Like any kind of insurance, though, it won’t be available at any price after the shit hits the fan. All this has to be carefully planned in advance.
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