Asset Protection Advise - By The Gruff Brothers

October 7, 2004
By Katherine Curtis

On the way to harvesting some of the best grazing land that the legendary three Billy goats ever laid eyes on, the three brothers shared great asset protection advise with a mean ol' troll. After outwitting the scam artist and butting him out of harm's way, the savvy property owners went on to peacefully enjoy their property.

Property owners are not expected to understand every nook and cranny about holding back nasty trolls. However, with the aid of experienced professionals, many assets can safely possess features that will not only repel pesky invaders but also safeguard the assets in times of litigations and frivolous claims.

Asset protection laws and procedures vary state-by-state and overseas. Resources that provide the best asset protection advise originate from asset protection teams (APT), associations (such as NACM, National Association of Credit Management), government agencies, and attorneys. Most professionals advise that the best time to start protection plans is on the onset, not while litigation is in process.

The Bigger The Hooves, The Farther The Boot.
A well thought out plan can help a business or private party decide which technique best suits an asset. Many advisors recommend keeping "safe assets" in the homeland and "dangerous assets" oversea. In general, a "safe asset" is cash or property needed for the owner to sustain his lifestyle. These might include trusts, accounts, or real estate. On the other hand, a "dangerous asset" is at risk of creditors or scams. Every practice is considered a "dangerous asset" since every client is a potential liability. For tax purposes, many dangerous entities are held under separate accounts and titles. Overseas trusts are advisable havens, when appropriate. As the Grimm family might advise - use whichever technique eliminates the most risks to the owner and asset, and packs the best protective wallop legally available!