What You Didn’t Know About Asset Protection
Keep your wealth out of the hands of creditors.
An asset protection plan is vital for any wealth management plan. Why put in the effort to grow and maintain your wealth but no plan to protect it in the event that a creditor is seeking to take a significant amount of what you have worked hard to earn.
A thorough wealth management plan is going to take every possibility into consideration. This includes a lawsuit that could lead to a large financial set back. To prevent this, an asset protection plan is set in place to keep wealth out of reach.
Many investors, even those with asset protection plan, are not getting the most out of their plan. By taking your asset protection plan offshore, not only are you enhancing your asset protection, you can also unlock many more benefits that come with going international.
Asset Protection Basics
Before diving into why you should be taking your asset protection and your wealth offshore, let us cover why you need an asset protection plan.
An asset protection plan keeps an investors property safe in the event that someone tries to win parts of their wealth in a lawsuit. With the proper plan, assets can be legally protected from this happening. During the planning process, investors and their advisors take assets and put them out of reach of creditors, changing nonexempt assets into exempt assets.
While a creditor is concerned with strategies for collecting, debtors are working diligently to just the opposite and protect valuable assets.
Critics of asset protection view it as immoral, begging the question, shouldn’t one pay their debts?
Skilled professionals guide investors of all kind in creating their asset protection plan so that it is completed morally. This can be a tricky task so it is nearly impossible without the guidance of a skilled advisor. It is important to be knowledgeable about debtor and creditor law, fraudulent transfers, tax planning, civil litigation, property laws, bankruptcy, and other related areas of law.
Asset protection is not about avoiding taxes, keeping secrets, or defrauding creditors. Instead, it is to provide an incentive for settling a claim, improve a debtor’s bargaining position, offer options when a claim is asserted and deter litigation. It is not just protecting your wealth, the plan is also formed to ensure you don’t get in more trouble for contempt or bankruptcy fraud.
Before moving onto what can elevate your asset protection plan, it is paramount that an asset protection plan is created before a lawsuit arises. If an individual gets caught trying to move assets during a lawsuit, further, more serious legal actions can occur.
Taking Your Asset Protection Plan to the Next Level
To elevate your asset protection plan, advisors all over the world are telling their clients to take their wealth offshore. Offshore asset protection plans offer some of the best regulations in the world, in terms of privacy and security. Creditors who are after collecting your wealth will inevitably run into numerous roadblocks. Offshore asset protection allow investors to use the foreign jurisdiction statutes that get them strong protection.
Expensive assets that one might worry could be in danger in the event of a lawsuit can be moved offshore to protect them. This can include stock portfolios, precious metals, retirement accounts, and self-directed IRAs. By going offshore you can also use the foreign jurisdiction statutes that get you strong protection.
There are quite a few steps in order to complete an offshore asset protection plan.
Moving assets offshore will begin opening an offshore bank account. Depending on the chosen destination, opening an account can be simple, often completed from home via the internet and courier. Offshore banking jurisdictions, like Switzerland and Monaco, offer confidentiality and security of your assets.
Once an offshore account is created, a vehicle will be chosen to hold investments out of reach. One of the most popular ways to go offshore with your asset protection plan is forming an offshore company, such as an LLC. Investors can hold assets in the offshore company, which means that creditors will not be able to reach these assets in the event of a lawsuit.
An international trust, commonly known as an offshore asset protection trust, is one of the strongest asset protection plans when implemented properly.With an international trust, assets are legally transfer out of reach of future creditors. Expensive assets are places into a trust and taken out of the name of the owner, which means if a creditor comes for the wealth, they will be untouchable. The owner of the trust chooses the trustee, settlers, and beneficiaries and while maintaining control of the assets while in the offshore asset protection trust.
It Does Not Stop There
Asset protection is not the only benefit of taking wealth offshore. Taking your wealth offshore can open doors for you and your family, whether it be through protecting your assets in an offshore account or seeking a better life in a new country. From planning the perfect retirement to tax benefits, Goldbach Capital is prepared to help you take your wealth offshore. There are tax benefits, thriving markets, and investment vehicles available to meet your needs and exceed your expectations.
Don’t Plan Alone
While domestic markets are a sufficient starter for any portfolio, investors who stay in their home country are missing out. Go offshore with Goldbach Capital today.
There is not perfect, universal asset protection plan it is important to use common sense and think about the goals and needs. By looking at your short-term and long-term goals, you can find important figures such as your current and future income, how much you will need to retire, and how much you want to pass down to beneficiaries.
Goldbach Capital has the knowledge and resources to become the trusted partner of wealthy families. We offer a comprehensive range of services, by combining proprietary expertise with an external pool of first-class advisors.
Each client can decide which modules he wants to engage Goldbach Capital on. Thanks to its efficient and cost-effective solutions, Goldbach Capital is a credible alternative to existing or projected in-house organizations.
While incorporating our approach in life simplification, cost cutting, and asset protection, growth, and monitoring, our family office services integrate your family’s vision and core values to create the right wealth management plan for you.