Barry Bulakites Blogs

Image source: wintterlaw.com There would always be market uncertainties; no one can change that fact. Combine that with a litigious society and occasional amendments in tax laws, asset protection planning has become more important than ever. Asset protection is defined as a set of techniques or strategies that seek to guard one’s properties from being taken by someone else through a lawsuit or civil money judgments. Generally, this is done by limiting creditors’ access to assets subject to claims, which are called nonexempt assets. They are insulated by repositioning them into exempt assets, which are out of the reach of creditors’ claims. When done properly, asset protection is done in a legal manner, avoiding perjury, fraud, concealment, or tax evasion. The most effective asset protection planning takes a proactive approach; it is not implemented when a judgment creditor is already about to begin a claim on the properties. Image source: corporatedirect.co