The “Asset Protection” Stigma
“Asset Protection” is a vital tool that business and finance savvy individuals use to protect their wealth from creditors and lawsuits, but it often gets a bad reputation. Practiced within the bounds of debtor-creditor law, well-crafted asset protection is a perfectly legal way to secure one’s real property, businesses, licenses, and even intellectual property or patents. So where does the bad rap come from?
When using irrevocable trusts, private entities, and friendly liens to protect your wealth, an outsider looking in may see an investor's structure as a front for protecting assets acquired by unethical means. The truth of the matter is most clients protect assets that have been built carefully and with great care over generations, or through high-liability employment. Some of the most important people in society, like doctors, lawyers, contractors, and law enforcement require means of protecting their assets from lawsuits to continue serving those in their community.
While there is always a bad apple in the bushel, the intent of a well-structured asset protection structure is for hard working individuals and families to utilize legal and ethical wealth-building and wealth-preservation tools to benefit future generations.
Contact Tresp, Day & Associates, Inc today to learn about our asset protection strategies and how they can preserve the wealth you have worked so hard to accumulate. Since 1992, we have been the national leaders in asset protection and advanced estate planning strategies. With clients throughout the United States and around the world, we have a breadth of knowledge that is unmatched in the legal community. Call us any time at 858-755-6672.