5 Tips for Effective Asset Protection Planning in Seychelles
You have worked really hard and made great personal sacrifice to build wealth. Unfortunately, there are those who might be waiting to try to take your wealth from you again either because of you are on the error of judgment or just of or naked greed. In our litigious society, it is not strange to be the target of a frivolous and aggressive lawsuit, especially if you are rich and a professional. Just ask a successful doctor, a lawyer, a successful financial planner or real estate investor.
Asset protection plans are measures to put you in place to keep your wealth out of the reach of those seeking to take it from your hand. A properly constructed asset protection plan defines part of your assets behind numerous barriers, like having the right insurance. The more barriers put in place to protect, greater your chance of succeeding. It allows you to level the litigation and move it away from the creditor-friendly state like the United States to a defendant-friendly jurisdiction like Seychelles and other offshore asset protection trust havens. An asset protection trust makes you a hard target, which can eliminate the occurrence altogether or put you in a stronger negotiating position.
Here are 5 Tips for Effective Asset Protection Planning.
Keep personal assets separate from business assets
You also need to keep your personal assets separate from business assets. Once you start to diversify your earning, it is important to separate your business and from your personal assets.
Keep your assets divided and have them protected in different situations. Robert Kiyosaki, the celebrated author of "Rich Dad, Poor Dad" recently filed for bankruptcy for one of his companies, however, most of his personal assets remain for sure, and the assets that belong to his other businesses, are protected. That is a good example of intelligent asset protection planning.
A Seychelles lawyer who specializes in property and asset protection can help to figure out how best to achieve this.
All planning should begin before a claim is filed
If you want to be effective in your asset protection plan, you need to start the process before someone sues you. If you wait till someone sues you before taking these steps, it would be too late. In fact, it would seem as if you took these steps in response to the complaint, in an attempt to hide your assets and make them look inaccessible.And it is illegal...
To truly protect your assets, you need to be ahead. Asset protection planning is not to respond, the idea is taking precautionary steps to ensure that your assets are available to you, and have access to it, but your creditor or another person has very limited or no access to them. Put the right plan together now, before it becomes a problem, and you should actually be protected.
Get the right insurance cover
The first step in any asset protection plan is to ensure that you have the right insurance. Many self-employed often do not recognize that they require a special insurance to protect their assets. Almost all doctors know that malpractice insurance is important in case someone brings a lawsuit against them.
However, many professionals, including financial advisers, doctors, lawyer ought to have "errors and omissions" insurance to help protect them in the event that someone complains when they suffer losses. Even if the loss is not your fault, a former customer of somebody could be looking for whom to extort or blame. Many successful and wealthy people are more likely to be sued by opportunists because they think that you have the money. Good liability insurance can protect your investments if someone is injured on your property.
Get a professional to help manage your assets
One of the best things that you can do yourself is to find someone you trust and who is well informed (not necessary an expert) to you manage your assets and investment. Sometimes the barrier put between you and your assets are important. There is a reason that so many wealthy and successful people have asset managers, lawyers, attorneys and trusts run by boards.
Even if you do not get help manage your assets, you should seek help in setting up your various asset protection strategies. Make sure that you get the help of someone competent, and then make sure that you understand how it works. You should understand what is happening, and can explain it to someone else. Something that is too confusing could finally become something that is not actually protecting you.
Offshore Asset Protection, Asset Protection Trust, Offshore Investment
This is the best and the most effect way to protect your assets.
Offshore investments are efficient, not only because of asset protection and privacy they offer but also because fund managers can use risk hedging use techniques that are unavailable in some domestic markets.
An international offshore trusteeship offers a high degree of choice and flexibility enables fund managers to avoid US approval and regulation, more efficient and offers much higher returns for investors.
Our team of professional tax planning, financial advisors, offshore banking and offshore incorporation lawyers can help you with effective asset protection planning in Seychelles. Get your free consultation with one of our experienced lawyer today.
Victoria Law Firm is one of the Seychelles leading law firms. The firm was founded in 1996. Lawyers and legal advisers at Victoria Law Firm provide integrated and tailored legal services to both Seychelles and international clients across a wide range of practice areas.