What Is Asset Protection And How Can Casper P. Connolly Help Your Business?

Asset protection is vital for protecting your business from lawsuits and legal action

. Full protection is accomplished through estate planning and wealth preservation structures and services, which are needed to properly secure the business, assets and financial affairs. There are many services that work toward securing finances through asset protection structures. These products will provide business owners with the peace of mind in knowing that their assets are being protected, with the assistance of leading professionals, in the legal field.

Services Available to Protect the Assets of a Business

Offshore Asset Protection Trust

An Offshore Asset Protection Trust [OAPT] is an effective barrier against a future creditor's claims. The OAPT laws of certain offshore jurisdictions make it challenging for creditors to obtain jurisdiction over, or to levy against, an offshore asset protection trust. This holds true even if the settler retains an interest in the trust income or property. These barriers almost always result in a negotiated settlement, and sometimes produce early and inexpensive settlements.

One of the primary benefits of an OAPT is that in certain foreign jurisdictions, local law specifically, prohibits the enforcement of foreign judgments that are inconsistent with their law. This may not be the case with domestic asset protection trusts.

Domestic Asset Protection Trusts

A specially designed Domestic Asset Protection Trust ["DAPT"] is a protective structure that protects against unfair judgment and reduces the risk of lawsuits. There is still controversy over how well new DAPT statutes work, nevertheless, thirteen states are developing a trend and are designed to take advantage of laws that allow for the protection of a settler/beneficiary's interest in a self-settled spendthrift trust.

To date there have been no reported cases on DAPT's. However, the creation of a DAPT should not be treated lightly. No business should attempt to establish a DAPT without using the services of a law firm that is experienced and highly qualified in the areas of domestic tax and asset protection law.

Asset Protection with Swiss Annuities

For business that possess liquid assets and desire asset protection, but do not wish to establish a domestic or offshore asset protection trust structure, under certain circumstances a Swiss annuity may be the likely solution. When Swiss annuities are structured properly they have proven to be a solid investment vehicle for long-term asset protection and estate planning. The benefits of Swiss annuities include: cost efficiency, high liquidity and provide a safe international diversification of assets.

Lawsuits and unfair rulings have placed many North American businesses in negative financial scenarios that are nearly impossible to recover from. Every business that is serious about maintaining and expanding their operation should hire a professional asset protection service to safeguard against lawsuits, unfair judgments and to ensure the safekeeping of their assets.

by: Seo5 Consulting

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