In this section we give you the tips and information on how domestic asset protection works. We offer to do all of this for you. Negotiating your way through the filling out and filing of forms can be a daunting task. We will do all of this plus we will make sure that your assets are properly transferred and titled and that the structure is set up the best way possible. We will go over your individual case and recommend several different scenarios and price points to assist you in making the best choice possible. We will quote you one price that will encompass all of our services. If necessary, we will bring the foreign arena in and make it a part of your domestic structure in order to give it more strength and viability. So forge ahead and see what asset protection can do for you and your family.
You have no asset protection and are vulnerable to attack by any creditor. All Assets are in your name. A judgment creditor can swoop in easily and attaché any assets you have.
Now you no longer hold title to your assets. The Family Limited Partnership holds title but as general partner you control everything. It is no longer easy for creditors to discover what you own and it is very difficult, if not impossible for them to break through.
This method allows you to gain more anonymity by making a Nevada corporation or an offshore corporation the general partner. You can also use more than one Family Limited Partnership. This way you can segregate safe assets from unsafe assets.
In this financing scenario the Nevada or the offshore corporation provides a line of credit secured by the assets of your domestic business. The assets can be equipment, autos, stock accounts etc. Since ownership of Nevada corp. and especially offshore corp. is secret and anonymous, your involvement in these companies is not known. In fact nominee shareholders are available offshore. You sign on the bank accounts but the offshore trust company will hold your shares in their nominee name.
Now all your assets are encumbered and a creditor will have little luck in reaching you.
The Nevada or offshore corporation provides an equity line of credit to your limited partnership and takes a 2nd trust deed to secure their position. Any creditor attacking will find liens on the property. The Nevada Corporation or Foreign Corporation will be ahead of any creditor that files a lien. When the first trust deed is paid off, the Nevada or foreign corporations now are in first position. Upon a sale the proceeds will be paid to the Nevada or foreign corporation.
Under this scenario, you can make payments for goods or services that your Nevada or offshore corporations provide to your in state business. This transfers profits from your state where they are taxed to a non tax entity. Federal taxes would still be payable put potentially at a much lower. Be aware that under this scenario you may run across transfer pricing issues that will cause you difficulties with the IRS or the state where you reside. So, you must use this method with good accounting advice from your CPA.
Under this scenario your domestic corporation is basically in a shell The Nevada or offshore corporation owns or puts liens on all major assets. This way if the domestic corporation has to file bankruptcy, a new entity can start up immediately and sign leases or take over the payments for the equipment, receivable premises.
Are These The Only Scenarios?
No, the above examples are just a few ways that asset protection can be put to use to protect your home and business assets. There are many more ways and methods of doing things. Contact us to find out what works best for you. A good plan requires time to set up, the proper transfer of assets, and solid documentation.
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