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The Need for Asset Protection

By: Les Raketti Sadly the first question usually asked when someone is about to be sued is the extent of the other parties net worth. And in Canada as long been the practice in the States, attorneys are now allowed to be take cases on speculation and an agreed percentage of the awards if they win. Asset protection steps are definitely necessary in these times of frivolous litigation.

Problem #1- Predatory Lawsuits:
This is the primary reason people need asset protection strategies, this practice has been alleged to be the main cause judgment settlements are much higher and lawsuits more frequent in the US than in any other country. It is also the reason a lot of frivolous lawsuits are started knowing full well the other party would prefer to settle out of court rather than go through a lengthy and disruptive legal proceedings. To counter this one needs to do asset protection planning and implement asset protection strategies.

Problem #2- Probate:
Another reason for asset protection information is that it is difficult to transfer assets to your heirs without excessive loss due to probate and taxation. Not only is probate a long process – it encourages family infighting - it can severely erode your families assets. When Elvis Presley died all that was left of his 10 million dollar estate was 2 million dollars. Definitely a case where no steps was taken to implement asset protection strategies

The Solution Asset Protection and Wealth Management:
Why leave yourself, your family and or your business at such a risk as to put no asset protection strategies in place. Consider the option of asset protection planning and its many advantages not only in regard to asset protection but also in regard to freedom of movement, privacy and wealth accumulation without excessive taxation.

If you have a family business and wealth that you have built through your lifetime, you can easily avoid wealth lost through due to lack of proper estate strategies. You can ensure bulletproof asset protection. Your best asset protection is to implement asset protection planning by putting various asset protection strategies in place by getting good estate planning advice.