The Marvont Group: Know more about Asset Protection
There is an assortment of techniques that can be used to safeguard different types of assets. Some are suitable for everybody and are based on common sense, while others are suitable for wealthy or soon-to-be-wealthy individuals. Asset protection techniques also differ based on both the location and type of property.
The common denominator in all asset protection techniques is that they make it harder for a creditor to either find or take the assets. A person can legitimately put a significant portion of his assets away from the reach of judgment creditors and still retain substantial control over these protected assets by implementing a carefully constructed asset protection plan which may include an asset protection trust and a family limited partnership.
A correctly implemented asset protection strategy minimizes the size of the target the plaintiff's attorney is aiming for. Once the plaintiff's attorney is certain that any judgment will be hard or not possible to collect, his enthusiasm fades since he is not likely to be paid for his work. One major effect of a carefully constructed plan is the elimination of the plaintiff's economic incentive to litigate.