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HOW NOT TO PROTECT ASSETS
CREATING ASSET PROTECTION STRUCTURES AND THEN NOT TRANSFERRING ASSETS
Whether an individual
establishes domestic or offshore structures to achieve asset protection,
the structures must be funded, i.e., your assets must be physically
transferred to the structure.
It is not enough to merely
sign a trust, corporate or Family Limited Partnership document.
You must follow-through and
transfer the deed to real estate, and transfer bank and brokerage accounts
into the domestic structure, or the assets will not be protected.
Foreign structures must
likewise actually receive the physical transfer of assets in order for
those assets to be removed from U.S. jurisdiction and be protected by the
laws of a more favorable jurisdiction.
We have unfortunately seen
cases of less than professional asset protection where individuals have
established asset protective entities and then neglected to actually
transfer their assets to the protective structures.
Those assets were lost
because they were never really protected. Proper asset protection requires
that you dot all the I's and cross all the T's.
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