Why You Need Asset Protection

The following report is excerpted from the premium online newsletter “For Your Eyes Only” published by the founder of the Journal Family of publications. Subscriptions are $99 per year. Send check, money order or credit card information to: Michael Webster “For Your Eyes Only”301 Forest Ave, Laguna Beach, CA 92653.

In the United States there is a new lawsuit filed every thirty seconds. We have the dubious honor of being the most litigious country in the world. The US represents 20% of the world’s economy, has 70% of the world’s lawyers and files more than 90% of the world’s lawsuits. If you are a business owner or practice a profession, you have one chance in three of being named as a defendant in a lawsuit this year!

Under the U.S. legal system, the deck is stacked in favor of the plaintiff and against the defendant. That’s why so many lawyers specialize in contingency fee lawsuits in which they are paid a percentage of whatever they win for their clients (illegal in almost every other country). This encourages the filing of spurious lawsuits. Under the current system, any suit no matter how apparently worthless, can result in a ruinous judgment. Remember the woman who was awarded $2.3 million after she spilled hot coffee on herself at McDonald’s?

A lawsuit, divorce, catastrophic medical bill, a negligence or injury claim exceeding any insurance you have or a seizure and freezing assets by a federal agency could leave you penniless and in debt.

With the present legal and political climate it is clear that you must take action to protect yourself and your assets. Once a lawsuit has been filed it is too late. You must act ahead of time to protect what you own before it comes under attack.

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Asset protection can help you maximize profits by taking advantage of the tax laws. Some of the benefits are writing off most purchases of goods, vehicles, and services as expenses. You pay the government less—and take home more!

By using asset protection strategies you may be able to pass your estate to your heirs without going through probate. This can save both legal costs and inheritance taxes.

Proper planning allows you to place different projects under separate umbrellas. You retain complete control of all projects. But if one runs into trouble, it won’t suck the profits away from the other, more successful, projects.

The best way to protect your assets is not to own any. This flies in the face of the American Dream to own a home, car or stock portfolio. However, it is when you own an asset that it is vulnerable to attack.

How do you not own your assets but have use of them as if you did? By setting up a corporate entity to be the owner of the assets while you maintain complete control of them. Correctly set up corporations in the right jurisdiction will provide you with the same bulletproof asset protection that is enjoyed by millionaires and movie stars.

Under the law, a corporation is an artificial “person,” completely separate from the people who own and operate it. Because it is an independent entity, a corporation’s debts and taxes are separate from those of its owners, officers, and directors. Therefore, a corporation provides an individual with the greatest personal liability protection. This is the reason why almost all successful people choose to incorporate. It permits them to manage their assets anonymously. Their private corporate lives are never made public. However, it is only in the state of Nevada or an offshore jurisdiction such as the Bahamas that a corporation can be set up so that, while you own and control your corporation, your identity and ownership can remain a total secret

These capabilities are a new phenomenon. Until recently, separate bits and pieces of information about your life were scattered in dusty file drawers and county records around the country. Your birth certificate, driving records, insurance file, marriage licenses, and loan applications were maintained or stored in written files, record books, or sometimes the computer at the office where the records were kept. Information could not be accessed from outside the office where the records were stored.

If you or somebody else wanted information from your birth certificate, you had to physically go to the records office in the county where you were born and look through the indexed records. An investigator attempting to assemble information about your life had to travel from one county courthouse to another, stand in line, search through library archives and public records, and hope to come up with some useful information. The process of gathering personal information was a laborious and expensive job.

But all of that has changed. The scraps of paper and the written records have been converted into an electronic form which can be stored and searched by a computer. And these computers and databases have been connected through the Internet so that the information in any one computer can be accessed and searched from any other computer. If somebody wants to find out information about you, a single query will hunt through billions of documents stored on thousands of interconnected databases to produce a frighteningly thorough profile of your life. An investigator can now sit in the comfort of his or her office with a computer, a modem, and a cup of coffee in one hand, and in minutes, access everything he or she wants to know about you.

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FOR YOUR EYES ONLY