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What is Asset Protection, Examples, Jobs, Plan, Strategies

What is Asset Protection, Examples, Jobs, Plan, Strategies

Asset Protection is a Type of Financial Planning intended to protect one’s assets from creditor claims. Individuals and business entities use asset protection techniques to limit creditors’ access to certain valuable assets while operating within the bounds of debtor-creditor law.

Is Asset Protection Legal?
Asset protection (sometimes also referred to as debtor-creditor law) is a set of legal techniques and a body of statutory and common law dealing with protecting assets of individuals and business entities from civil money judgments.

What is Asset Protection Job?
Asset protection associates work primarily for retail stores, but also other types of organizations, as they are responsible for preventing financial loss caused by theft or fraud, either internally or externally.

What is an Asset Protection Plan?
Asset protection planning is proactive legal action that protects your assets from future creditors, divorce, lawsuits or judgments. Most importantly, it can help prevent the seizure of your assets in the event of a judgment. At the core of any asset protection plan is a professional and legal examination.

How do you Protect your Assets?
Here are the eight critical strategies to consider as part of your personal asset protection plan:

  1. Choose the right business entity.
  2. Maintain your corporate veil.
  3. Use proper contracts and procedures.
  4. Purchase appropriate business insurance.
  5. Obtain umbrella insurance.
  6. Place certain assets in your spouse’s name.

Asset Protection Examples
Assets that are shielded from creditors by law are few (common examples include some home equity, certain retirement plans and interests in LLCs and limited partnerships and even these are not always unreachable.

Asset Protection Strategies
The best asset protection strategies involve legal tools and financial plans developed to shield valuables from lawsuits. Examples include forming certain types of trusts and companies and taking advantage of regional laws designed to protect assets.

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