Asset Protection and Privacy Concerns
One of the first things to consider when developing an asset protection plan is to maximize privacy. You want to make it hard for anyone wanting to sue you to determine that you don’t have enough money or assets to attach should they win a lawsuit.
The continuous data collection activities of the major online companies and social media outlets have shown that there is very little that is private anymore. Important information such as bank balances, real estate and business interests are all available online. Anyone can find out what you have and how much you are worth.
Previously an investigator had a difficult time attempting to put together information on any person and oftentimes this include travelling to various county courthouses and libraries, waiting on lines and then finding what they wanted. Not anymore. Today all of this information is available online and many times with no cost at all.
The best way to prevent this all from happening today requires a solid asset protection plan in which your most valuable assets are no longer in your name. Using any number of vehicles will facilitate this and make you judgment proof and no longer of interest to investigators or attorneys.
Using an LLC, Irrevocable Living Trust, Equity stripping plan and many of the other powerful tools will help to remove your most valuable assets from your name and into the name that is virtually untouchable. Be sure to read the other asset protection articles I have written to learn how this is done.