What Are My Best Asset Protection Strategies?

MULTIPLE LINES OF DEFENSE TO PROTECT YOUR PRIVACY AND YOUR ASSETS, ARE YOUR BEST STRATEGY:

(1)   The first line of defense is to keep your assets (Bank accounts, securities accounts, etc.) in another State, and to avoid having a local Bank safety deposit box;

(2)   The second line of defense is to keep your assets out of your name; preferably in the name of a corporate entity that provides asset protection (Corporation, Limited Liability Company, Limited Partnership, Trust or some combination thereof) [1]; and

(3)   The third and most extreme line of defense, is to park your assets offshore.

These strategies provide a high level of protection, but they are not iron-clad.

THE TIME TO ACT TO PROTECT YOUR ASSETS IS BEFORE YOU BECOME THE TARGET OF LITIGATION.

DON’T BE AN EASY TARGET FOR A LAWSUIT – NEVER MAINTAIN RECOVERABLE ASSETS IN PLAIN SIGHT. [2]


[1] Financial and legal experts agree that the two best States to form your corporate entity in are Nevada and Wyoming, because they provide protection almost equal to that of offshore corporate entities (and they incur far less scrutiny from the IRS than do offshore corporate entities). Why? The answer is simple: ownership interest is concealed in both Nevada and Wyoming corporate entities for the fact that they allow BEARER SHARES (anonymous ownership). The result: unless you physically possess the corporate shares, you can truthfully deny any ownership interest in the corporation. Additionally, NEVADA CORPORATIONS/LLC’S – are: (1) tax free; (2) do not share information with the IRS; (3) incur no franchise tax liability; (4) have no extensive annual disclosure requirements (only a current list of stock holders and shares held in bearer form with anonymous ownership is required); and (5) provide broader indemnities for corporate officers – for the fact that absent fraud, a Nevada Board of Directors’ decisions concerning financial matters/arrangements is considered to be conclusive and neither void nor voidable in the eyes of the law.

LEGAL DISCLAIMER: Lucas Lucas, LLC is not a law firm; nor is it a substitute for an attorney or a law firm. The law is complex and changes often. The subject matter contained herein provides general information and it is presented strictly for educational and informational purposes only. It is not intended to take the place of sound legal advice. For legal advice, please seek competent legal counsel (ask or engage a lawyer/attorney). Nothing contained herein should be deemed or construed to be legal advice, or take the place of sound legal and financial counsel. After considering the products offered and/or the subject matter contained herein, it is always best to seek sage legal and financial advice prior to undertaking any asset protection strategy.

v2.0_07/05/2014

Posted in: Lucas Lucas LLC™