If you’re in business, you’re employed as an advice giver or you could one day face the risk of a judgment being brought against you for compensation in these litigious times, this article about why you need offshore asset protection could save you a fortune in legal bills and a lifetime in terms of stress and worry.
It’s a sad fact that the world has indeed become a place where people are far happier to sue than they are to calmly resolve issues. In addition to this, phrases such as ‘where there’s blame there’s a claim’ are actually toblame for fewer people taking personal responsibility and instead, going after soft targets for financial payout. If you want to protect yourself, your assets, your family, your business and indeed your reputation – consider adopting an asset protection strategy.
Because it’s a fact that most lawyers for litigants will only agree to pursue a claim for compensation when they see there is a relatively smooth path to a relatively affluent defendant, if you can protect your assets from vulnerability in this way and become a seemingly less affluent and therefore less attractive defendant, you become a less attractive target.
If you can make yourself less likely to be deemed culpable through always engaging in best practice in the field of business you are in, so much the better. And if you can also make yourself judgment proof by placing assets out of the reach of claimants, you are doing all you can to protect yourself and your reputation from being sued. However, if you think that it may be difficult for a lawyer or a judge to determine what assets you have to go after, you are unfortunately wrong.
It is straightforward and simple for many agencies to follow the trail from you to all your personal or business assets such as bank accounts, properties, investments, income and savings etc. Therefore, going back to what I said earlier, if a lawyer sees there is something to go after in the form of assets they are far more likely to pursue you. The bottom line therefore is that if you are sued and you want to get away with as small a payout as you deem appropriate based on the case, you need to place your assets beyond reach…and this is where an offshore asset protection strategy comes in.
You need to minimise your chances of losing your assets by a) always engaging in best practice and b) becoming a smaller, less financially attractive target. To do so you need to reduce the size and significance of your personal and business holdings and estate. To do this you need to get as many assets and as much personal wealth and fortune out of your name…and there are ways to do this so that you retain a significant amount of control over your assets but are no longer in direct ownership of them.
An offshore asset protection strategist will advise you based on your own personal circumstances, but they are highly likely to mention to you options of using an offshore company, an offshore trust or private trust company for example. Finally, remember that if legal proceedings have already started, it’s too late to protect your assets – so don’t delay, get advice in place immediately and begin the process of placing your hard earned wealth out of reach of others.