How Can You Protect Your Assets

By Mika Hamilton

“Becoming wealthy is like playing Monopoly.. the person who can accumulate the most assets wins the game.” -Noel Whittaker

Have you worked hard for your current assets? Do you want to make your money and your family as secure as possible? You may want to consider ways in which to protect your assets. Did you know that there has been a huge increase in lawsuits over the last 10 years? Every year, in the United States, over 20 million suits are filed and about 90% of the world's lawyers live right here in the United States. Needless to say, considering the numbers above, it is likely that you may be sued of found liable for one reason or another. If you have your own business, invest in properties, or have a professional practice your odds are 1 in 3 that you will be sued this year. These numbers are staggering however there are ways to protect your money. While lawsuits used to be something most people did not worry about. After all, you are living a good life and doing the right things. The problem is not with you but with people who think they can great rich quick and often do. The majority of people filing lawsuits are hungry for money and willing to do anything for it.

What is Asset Protection?: Asset protection is defined as a legal way to secure your money and keep it away from people who are filing lawsuits. For asset protection to work, you have to have liability protection. Your assets should not be linked to you and they should be private. There are ways to make sure your assets are not linked to yourself. If no one knows you have assets, they can not take them away. The best way to achieve this is to find a jurisdiction which supports this type of privacy plan. Most people look for and find asset protection in tropical countries, where the government is less invasive. The key to asset protection is to do it now. You simply can not wait until after you are being sued.

Methods of Asset Protection: The first step is to own nothing. One way to achieve the illusion that you own nothing is to create a corporation. A corporation has the same rights as an actual person under the law and exists completely separate from the people who own the corporation. If a corporation is sued it is the corporation which is fined, not it's owners. This is why establishing a corporation can give you liability protection. Life insurance is also a great way to protect your money. While it not a high yield investment, the money placed into a life insurance policy can not be touched by a court. Asset protection is not an endeavor to be attempted alone. If you are interested in legally protecting your assets speak with your financial advisor or seek out a qualified accountant who can offer experience and advice.

Visit the Global Investment Institute and signup for our free Investing For Beginners E-Course at http://www.Global-Investment-Institute.com

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