The current economy has businessmen generally and many ordinary families facing an accelerated risk lawsuits. Every incoming year brings with it a theory of liability, proving it more complicated to protect assets. A struggling economy, like the one we exist in, will inflate the risk of creditor threats. For those the business societies, the economy's current challenges provide a good reason for creating a plan for Staten Island NY Asset Protection.
You should be wary of anyone who is advising you to shield yourself through the use of "bearer shares". Bearer shares are corporation stock certificates which are owned by the person who holds them, the "Bearer", and are not recorded under the owner's name. Some unethical asset protection advisors tout bearer shares as a means to shield the ownership of a corporation and thus evade the tax liability associated with the corporation.
I do not have much to protect so I am not worried - Unless the equity you have in your home is lower than the homestead exemption provided in your state, a creditor can come after the equity in your house. Collection attorneys know that the best way to get you to pony up money is to threaten a foreclosure on your home. If you have a sizeable equity in your home, you are vulnerable. Just because your net worth is not in the millions doesn't mean that you don't need protection.
Do you need Resource Safeguarding? The emotional hurdle is as to whether or not you think you need Resource Safeguarding. The first question is do you own anything? If you do, you are someone who should understand the basics. This is the reason we have provided this educational and informative guide.
LLCs & Limited Partnerships. Although not as protective of resources as an irrevocable trust, Limited liability companies are much more accepted throughout the country as a means of providing liability safeguarding. In specific, LLCs can provide safeguarding for the owners/partners of the LLC from the LLCs creditors and can also provide safeguarding of the owner's/partner's interests in the LLC from the owner's/member's creditors.
I will just transfer my property to my spouse or relatives - This is probably the worst thing you can do. Any competent collection attorney will sue you as well as your family members to collect the debt. In addition, your relatives or friends could refuse to return your property when you want them back. Worst yet, they can be sued for their own liabilities such as a car accident and your property is therefore exposed to their lawsuits as well as yours.
The main aim of Resource Protection is to arrange your business dealings in a way that raises the standards for the professional takers. It does not mean that an individual forgets to settle his debts. It means that a person will in control of them, and your resource protection plan is therefore a proactive measure in doing a self tort reform.
With an offshore corporation, I can avoid paying taxes on my income - Anyone thinking about evading taxes with an offshore corporation is in for a big surprise when the IRS knocks on the door. So many law-abiding people are sucked in by illegal tax schemes that they end up losing much more than they try to save. If there was any legal way of avoiding taxes, everyone would be doing it!
You should be wary of anyone who is advising you to shield yourself through the use of "bearer shares". Bearer shares are corporation stock certificates which are owned by the person who holds them, the "Bearer", and are not recorded under the owner's name. Some unethical asset protection advisors tout bearer shares as a means to shield the ownership of a corporation and thus evade the tax liability associated with the corporation.
I do not have much to protect so I am not worried - Unless the equity you have in your home is lower than the homestead exemption provided in your state, a creditor can come after the equity in your house. Collection attorneys know that the best way to get you to pony up money is to threaten a foreclosure on your home. If you have a sizeable equity in your home, you are vulnerable. Just because your net worth is not in the millions doesn't mean that you don't need protection.
Do you need Resource Safeguarding? The emotional hurdle is as to whether or not you think you need Resource Safeguarding. The first question is do you own anything? If you do, you are someone who should understand the basics. This is the reason we have provided this educational and informative guide.
LLCs & Limited Partnerships. Although not as protective of resources as an irrevocable trust, Limited liability companies are much more accepted throughout the country as a means of providing liability safeguarding. In specific, LLCs can provide safeguarding for the owners/partners of the LLC from the LLCs creditors and can also provide safeguarding of the owner's/partner's interests in the LLC from the owner's/member's creditors.
I will just transfer my property to my spouse or relatives - This is probably the worst thing you can do. Any competent collection attorney will sue you as well as your family members to collect the debt. In addition, your relatives or friends could refuse to return your property when you want them back. Worst yet, they can be sued for their own liabilities such as a car accident and your property is therefore exposed to their lawsuits as well as yours.
The main aim of Resource Protection is to arrange your business dealings in a way that raises the standards for the professional takers. It does not mean that an individual forgets to settle his debts. It means that a person will in control of them, and your resource protection plan is therefore a proactive measure in doing a self tort reform.
With an offshore corporation, I can avoid paying taxes on my income - Anyone thinking about evading taxes with an offshore corporation is in for a big surprise when the IRS knocks on the door. So many law-abiding people are sucked in by illegal tax schemes that they end up losing much more than they try to save. If there was any legal way of avoiding taxes, everyone would be doing it!
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Get to know the Staten Island NY asset protection law by consulting with an experienced lawyer now. The website you should check out right now appears here at http://www.gallosperolaw.com.
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