Determining whether you need Domestic or International Asset Protection, or both, depends entirely on the type of assets you have, the level of protection you are looking for, and the amount of money you are willing to spend on protecting your assets. The decision of where to protect your assets ultimately comes down to what you and your Asset Protection Attorney deem is best for your assets. There are many different factors that must be taken into account when making this decision:
- Location - Regardless of whether you choose to set up a Domestic or an International Asset Protection plan, you will want to pick a jurisdiction that has the best Asset Protection Laws.
- Privacy - While both Domestic and International Asset Protection provide excellent protection for your assets, having a foreign Asset Protection Plan will enhance the level of privacy you are afforded compared to having a domestic Asset Protection Plan.
- Governing law- Domestic Asset Protection is often viewed as simpler when viewed from a legal standpoint because you are working with laws that you are usually already familiar with. With International Asset Protection, assets are set up with an offshore country, meaning that your assets will be governed by that country’s foreign laws, rules, and regulations. A perk of foreign Asset Protection over domestic Asset Protection, however, is that countries like Belize and the Cook Islands do not acknowledge US judgments. Due to this fact, those countries will not enforce a US judgment in favor of a creditor.
- Cost- Finally, a Domestic Asset Protection plan is normally less expensive than creating and maintaining an International Asset Protection Plan, however the protection from an International Asset Protection plan is greater.
Contact The Presser Law Firm, P.A. today for a complimentary consulation to learn what strategies are best for you.
The Presser Law Firm, P.A.
6199 N. Federal Highway, Boca Raton FL 33487
(561) 953-1050 or e-mail Info@AssetProtectionAttorneys.com