Another common question we get around here. To go offshore? Or stay entirely domestic? Offshore can be more expensive and require multiple IRS disclosures. Domestic planning has a track record of being ineffective and losing in court. The good news is you don’t have to choose all of one or the other. You can pick and choose the best of each to make a strong, effective asset protection plan.[Read more…] about Should I have an offshore or domestic asset protection plan?
How do you prove you own an LLC?
Looking to open a bank account for your anonymous LLC? If there is no public record of ownership for your LLC, you’ll have to provide private records to banks in order to open an LLC bank account.[Read more…] about How to prove ownership of an anonymous LLC
PSA: the BEST time to do asset protection planning is before you NEED asset protection planning. As in, don’t wait until after you are threatened with a lawsuit to look into planning.
I saw someone in this arena estimate that 85% of the people looking to set up an asset protection plan already have an existing legal threat.
Here’s our friendly reminder to not wait using our favorite storm metaphor.
For years Shreya carried around a box that she thought contained a great tool for smashing up food. When the time came for her to smash some food, it turned out the box was mostly empty. The tool she had been lugging around for years was of no use to her.
How does this relate to asset protection? There are different tools available for protecting yourself from bogus lawsuits. When the threat of a lawsuit finally comes up, the tool you’ve been carrying around might not work the way you envisioned. [Read more…] about Is your asset protection box empty?
What’s the difference between business planning and asset protection planning? If I have an LLC, do I have to do more asset protection planning?
Some LLC promoters give the impression that all you need to do is set up an LLC and you’ll be safe from any future lawsuits. While an LLC does provide some protection, it doesn’t make you invincible! You can’t rely on an LLC to give you “bulletproof” asset protection.[Read more…] about Bulletproof Asset Protection