If you have never considered offshore asset protection ( www.EsquireGroup.Com/Offshore-asset-protection ), it is about time that you do. Protecting your assets in an offshore account is not something that is reserved for the rich and famous. It is a way to add another layer of security around those assets that you’ve worked hard to earn. Do not leave your wealth vulnerable to outside threats by taking a step to protect what is rightfully yours.
What is Considered an Asset?
An asset can be described as something that you own or benefit from that has monetary value that can generate income. Some assets are physical, like cash, buildings, land, or machinery. Other assets include non-physical entities, such as copyrights, patents, trademarks, or accounts receivable. The value of one’s assets are often determined according to the ease with which they can be converted into cash. Everyone has assets of some kind, which is why offshore asset protection is not just for the wealthy among us. Leaving your assets unprotected is dangerous because, if you lose a lawsuit and have a judgement against you personally, it is possible for a creditor to collect against your future earnings and assets. Any investments that you’ve made towards the betterment of your future are at risk so long as they are not properly protected.
Why Do Assets Require Protection?
You run the risk of losing everything that you have invested into your assets by leaving them exposed and vulnerable. There are numerous threats against your assets on a daily basis, including lawsuits, identity theft, economic crash, and Internal Revenue Service (IRS) investigations. Most people who are interested in offshore asset protection are simply looking for ways to hold onto what they have and to protect their assets against these external threats. With the right plan in place, you can preserve your hard-earned wealth, saving it for your future. Simply by having any protections in place can serve as a deterrent to potential attackers who attempt to gain access to your assets through frivolous claims. By setting up trusts, corporations, partnerships, and other entities to hold legal title to the assets that you own, you can further protect what is yours. If you choose to go one step further with offshore asset protection, you can segregate and insulate liabilities and assets to the greatest extent allowed by law. Some foreign entities offer better asset protection than U.S. entities. Offshore accounts also add an additional layer of security because offshore assets are beyond the reach of U.S. jurisdiction ( www.EsquireGroup.Com/about ), meaning that U.S. creditors will have trouble getting them.
Protection and Privacy for Your Assets
Offshore asset protection also adds a layer of privacy to the management of your assets, in addition to that extra layer of protection. Placing your most valuable assets in the name of an entity or reporting them under an employer identification number rather than your social security number offers additional protection from criminal activity. By also choosing to hold those assets in a name other than your own, the likelihood that someone will trace those assets back to you are significantly decreased. This offers you a very high sense of security while also offering you the opportunity to manage your affairs privately. Keep in mind, all of these choices must be made in full compliance with the law; these measures are only intended to heighten the security and privacy around the assets that are rightfully yours.