Should I do Asset Protection?
A lot of people ask me, “What do I do in order for myself that all my assets to be invisible and no one could find them with no judgment. I could be judgment proof, but I have all these problems. What do I do? How do I get to that point?”
Well, first of all, we’re going to go through some asset protection basics. First off, asset protection is not a fool-proof, 100% way to get yourself out of judgment, especially if a lawsuit has been already filed or it’s currently about to be filed. Usually, that’s not when you do asset protection.
Asset protection is done at a time where there’s nothing really out there that’s looming and no lawsuits are looming as what I’m trying to say.
And you find an attorney to try and implement some strategies that help put barriers in front of obtaining the assets. That is what asset protection is at its heart.
Because anything you do for asset protection could be undone by the courts, right? Whether it’s by a fraudulent transfer or a different style of a theory or a cause of action, it can be undone. So it’s not a hundred percent (100%) proof. But what it is, “Hey, I put this barrier in front of you in order for you to hop over this barrier, you’re going to have to pay an attorney to do this and that and this, and then it’s going to be costly for you.
So you know what! Let’s just settle instead with a dime on the dollar-based on the fact that I’ve done all of these, put all these barriers in front of you.” That is asset protection at its heart.
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