Every day, America is seeing more lawsuits filed. It is important to be familiar with asset protection strategies in difficult economic times. In the past, a person needed to transfer his assets to family members or friends to preserve his wealth. Today, this is no longer true. If you want to know more about the real estate market then you can visit at www.gklawgroup.com/.
When planning a strategy for protecting your assets, there are many things to take into consideration (and some to avoid).
* You might consider transferring your assets to an LLC (Limited Liability Company). An LLC can't touch assets. * Land trusts are not very protective so they should be avoided.
* Equity Stripping is a technique that can be used. Equity Stripping refers to the act of putting a lien on an asset that may have equity, but will now appear more like a liability.
* Nevada LLCs are not available to residents outside Nevada.
* You should not try to hide assets or make them untraceable as part of your strategy for protecting assets.
* Timing. Protect your assets now, before they are under attack.
* You should consider using retirement assets such as 529s or life insurance. Contributing to these assets can provide creditor protection. However, it is important to remember that they are not always 100%. This depends on where you live. Asset protection is essential in these litigious times. It's even more crucial when combined with a difficult economy.