Asset Protection and Privacy Concerns #Consulting
Channel: Labored Video
Date: 2021-08-10

Asset Protection and Privacy Concerns #Consulting

One of the first things to keep in mind when developing an asset protection plan is maximizing confidentiality. They want to make it difficult for anyone who wants to sue you to determine that they don't have enough money or assets to file a motion if they win the lawsuit.

Ongoing data collection activities by major online and social media companies have shown that very little is private. Important information such as bank balances, real estate, and business interests is available online. Anyone can understand what you have and how much it costs.

Previously, investigators had difficulty gathering information about each person, and that often involved traveling to various district courts and libraries, waiting in line, and then finding out what he wanted. No longer. Today all this information is available online and is often free.

The best way to prevent all of this from happening today is to have a solid asset protection plan where your most valuable assets are no longer in your name. The use of multiple vehicles makes this easier and gives you evidence of your judgment and is no longer of interest to investigators or lawyers.

With LLCs, Irrevocable Living Trusts, sharing plans, and many other powerful tools, you can write off your most valuable assets on your behalf and with virtually inviolability. Be sure to read the other asset protection articles I wrote to learn how to do it.