Asset Protection Specialists
Make Sure to Get Advice From The Best In The Business
July 9, 2004
By Monish Datta
A proper asset protection plan can only be prepared
asset protection specialists. Asset protection requires
a specialized knowledge of many facets of the law,
including taxation, estate planning, litigation, and
bankruptcy and collection procedures. If you are attempting
to create a plan that will withstand an attack from
a high priced lawyer on the other side you need a
good lawyer on your side from the beginning.
You would certainly not consider having a non-lawyer
represent you in court and you should not consider
having a non-lawyer prepare the legal documents that
may ultimately be tested in court.
Specialists in Asset Protection should assess personal exposures
in complete confidence and agree on a strategic plan to protect
your assets and take any corrective action. Thereafter they should
help you to implement your strategy and if required deal with the
other professionals on your behalf to ensure they deliver.
A successful strategy involves a careful analysis of your business
structure to make sure that potential liabilities are properly controlled
with Dangerous and Safe Assets insulated from each other. The operation
of your business or professional practice should be evaluated to
minimize taxes through specially designed individual strategies.
Asset protection and estate planning choices and alternatives should
be presented to you and clearly explained so that you can make sound
and informed decisions.
The expertise of a consultant should include, but not be limited
to, advice on how to avoid breaching regulations and minimise the
likelihood of actions by company liquidators, government departments
(Inland Revenue, Companies House and Department of Trade & Industry)
and creditors.
Critical exposures are personal guarantees, company loans, company
assets in which there is personal interest, failure to pay Crown
Departments, trading whilst insolvent, preferential payments, maintaining
and preserving proper accounting records, records of meetings and
decisions, evidence in disputes, securing continuation of the business
and where appropriate, securing the business name.
Specialists or Attorneys are responsible for what they say to you
and the work they perform. They have a license from the State Bar
and will lose their livelihood if they mislead you. Also, most reputable
attorneys carry significant malpractice insurance to pay a claim
if they are negligent in representing you. Therefore, always be
ready and prepared to consult a specialist when it comes to protecting
your assets.
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