How will you protect your business and personal assets? This Friday at
10 a.m. PDT/ 1 p.m. EDT, you can hear Vistage Speaker Hillel L. Presser
in his Fridays with Vistage webinar, “Asset Protection for the Business
Owner: Learn How to Protect Everything You Own, From Everyone, Every time.”
Below is a preview of Hillel’s thought leadership.
While most business owners know how to make money, few know how to protect
it. As threats to your wealth come from every direction and with lawsuits
becoming the next biggest business, we challenge our business owners.
For every 60 minutes you spend making money, spend 60 seconds thinking
about how to protect it. Like most things in life, Asset Protection begins
with a good plan.
What is Asset Protection?
Asset Protection is the legal process of titling both your personal and
business assets to put them beyond the reach of future potential threats
and creditors. A good Asset Protection plan should protect all of your
assets from any and all financial threats. The real trick in today’s
day and age is not to
make money but to
Maxims for Protecting Your Assets
It is important to protect yourself before you get sued, proactive planning
is important. You must think and act defensively to protect your wealth.
Asset Protection is a form of insurance; buy it before you need it. Commit
yourself to a financial self-defense plan to protect your assets before
it’s too late. Protecting yourself takes time, effort and money,
but protecting your assets is your best possible investment.
Start with a basic plan and add firewalls as needed. A customized Asset
Protection plan is necessary for each specific situation. Your Asset Protection
planner must give you a wide range of protective options, because any
one firewall is only one possibility. No one firewall is everybody’s
lawsuit-proofing answer. There is no cookie cutter ‘one size fits
all’ plan. Everyone’s personal and business assets are different
and everyone’s potential threats, creditors and liabilities are
different. Each individual plan should be customized and tailored to fit
There are countless ways to protect your assets, but some of the most common
include Exemption Laws, Protective Entities, Liens, and International Planning.
The simplest way to protect yourself is to personally own only assets with
federal or state statutory protection against lawsuits or creditors. Maximize
the use of exempt assets such as homestead, pensions and retirement funds,
and life insurance.
Title your assets to protective entities. You and I are separate individuals
with different social security numbers, if I get sued they can’t
come after you, and if you get sued, they can’t come after me. Just
like you and I, you and your protective entities are looked upon as different
individuals as well. You have a social security number and your protective
entities each have a different tax ID number. Liquid assets or real estate
in your personal name can easily be lost in a lawsuit, while the same
assets titled properly and proactively to a Domestic Asset Protection
Limited Partnership, LLC, or other protective entity have great protection
Protect with liens. What is a $100,000 car worth if you owe $95,000? Take
out lines of credit. Record mortgages against your property and business.
Make all of your assets valueless. Become an unattractive candidate for
Consider International planning. You get the best protection when your
assets are international for several reasons. Foreign Asset Protection
jurisdictions do not recognize U.S. judgments, thus a creditor must re-litigate
their case within that foreign jurisdiction. Many times, the statute of
limitations to commence suit within that jurisdiction may have expired.
The daunting beyond reasonable doubt evidence standard helps to explain
why only fewer than 3 out of 100 judgment creditors even attempt to recover
Get A Great Night’s Sleep!
With a sound financial fortress you will be able to protect your hard-earned
assets from lawyers, creditors, foreclosure deficiencies, former or current
spouses, children, relatives, and lawsuit-obsessed citizens.