ASSET PROTECTION
There are ways to protect your assets to insure that they are passed on to your family members for generations to come. Trusts, FLPs or Family Limited Partnerships, Corporations and LLCs or Limited Liability Companies are some of the best asset protection structures used to properly protect your estate. When structured and funded properly these structures will creditor protect your estate and give you the piece of mind knowing your assets are no longer wide open for lawsuits. Nevada Revised Statutes allow for an added layer of privacy when you incorporate and structure a Nevada Corporation or Nevada LLC formation or Limited Liability Company. Red Rock Corporate Solutions is a trust company with experienced estate planning attorney services that can help you with all levels of asset protection including living trusts, trustee structuring, revocable living trusts, life insurance trusts, limited partnerships, supplemental need trusts and our consultants can show you how to structure your estate so that you can avoid costly probate expenses.
Most people do not realize how easy it is for a potential creditor to find out what you own. In
today's litigious society just about anyone is a target for a potential lawsuit. Unfortunately, times have changed and not for the better. It has become common practice for litigators to file lawsuits attempting to go after assets of an individual rather than going after the insurance companies. What this means is that everything you have worked hard for which has value such as your home, investment properties, cars, passive investments, business interest etc. is attachable in a court of law.
How can a potential creditor assess your assets and your ability to pay potential judgments? This is done by using public information by doing a national asset search. Any and all of your personal and business assets attached to your name, address and social security number are tracked and assessed for their potential value.
The following is a list of sources which connects you to your assets
- Name
- Social Security Number
- Income tax returns
- All public records such as divorce records, court proceedings and probate
- Financial accounts are potentially tracked in both directions
- Employers
- Phone records
- Insurance policies
- Database companies and information clearinghouses
- Information provided on warranty registrations can be purchased
- Birthdate
- Change of address listings
- Neighbors listings
- Current and former roommates
- Yellow and white pages
- Real estate deeds
- Voter registrations
- Professional licenses
- Census information
- Motor vehicle registrations
- Military directories
- Credit bureau files
- Call center information index
- Electronic and telephone assistance
- Grocery store discount cards
- Video store cards
- Lien searches involving mortgage history, UCC filings, liens and collection accounts
Considering all of the above sources of information
available to track your assets your vulnerability to a
potential lawsuit or abusive collection practice is very
high. which are part of your estate can be tracked using the above sources of information. Consider your own vulnerability to . If this is a concern, please realize time is of the essence when it comes to protecting your assets. Once a judgment is filed you can not then set up asset protection for you assets. The sooner you act to protect your assets the better off you will be.
By decreasing the vulnerability of your assets being attached in a judgment you will increase your financial privacy. Asset protection and financial privacy go hand-in-hand. This is achieved by breaking the links between the assets that you value most and the information that identified you as a person who owns the assets. Assets that can not be found or traced to you are safer assets than those left vulnerable to financial predators. We can help you protect those assets and give you a piece of mind knowing your estate is protected. Contact your Red Rock Corporate Solutions advisor to set up the proper asset protection structure based on your needs.
