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7 asset protection tips
By Don La Vallee
There are many people out there who do not know much about asset
protection or who are not sure if this is something that they should invest
money in. Here are a few useful tips regarding this issue - some simple
and straightforward steps every person can take towards ensuring better
asset protection:
Tip 1 - Good advice may save you of a lot of headaches. Ask a lawyer to
assist you every time you make a critical legal decision. If you have a friend
who can help - great! If no, paying a lawyer a small amount of money now
is a lot better than loosing a lawsuit that could cost you a 100 times more.
Tip 2 - Trust your asset protection issues to someone reputable, who has
been in the business for a while and has had success with their actions.
Check out your business partner before you jump in - better to be cautious
than get fooled by a scam.
Tip 3 - Make sure to use the laws of the state you live in to the maximum.
Each state has a few differences in asset related laws - when you are
having serious credit problems, try to find the laws that favor your part.
Tip 4 - Insurance is always something to be considered. Your asset
protection plan does offer a lot of safety, especially if it is devised by an
expert, but the value of a good policy is higher when you also have some
adequate insurance.
Tip 5 - When liability generating assets get mixed together, chaos strikes.
Each of these assets should be kept on a separate plan and under different
ownership for larger items. If you are owning a house and you also own a
business location, it¡¯s better if either of them was owned by a different
name - someone you can trust, of course.
Tip 6 - General partners might seem like a quick fix idea, but they are jointly
liable. This means that any of the partners can commit the partnership to a
legal contract - avoid this potentially troublesome action if possible.
Tip 7 - Showing off our wealth is common - but it is also dangerous. If
people know you are rich, they will sue. However, don¡¯t think that the best
asset protection plan is to hide your riches completely. Make sure to have
enough coverage from your plan and try not to center all of your belongings
around your own name.
Learn More at www.executivesolutions.biz
About the Author
Don La Vallee (Director of Corporate Operations)
Don has been an entrepreneur for 35 plus years starting with a construction
company he owned in California. Understanding how to benefit from
incorporating, specifically Nevada Corporations came early for Don and in
recent years decided to consult other entrepreneurs and share his wealth
of knowledge. Don's expertise has assisted many new business ventures
prosper as well as assisted many long term businesses improve their
outlook.
Article Source: http://www.simplysearch4it.com/article/17920.html
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