Global Asset Protection Services
Are you doing enough to protect your most valuable assets?
Failing to have a well thwell-thought-out protection strategy could mean that your most vital assets – perhaps the foundations of your personal wealth and business value – are at risk in the event creditors, competitors or authorities from local or international jurisdictions move to file a claim against you.
You have to have a thorough international asset protection strategy in place before it is too late.
and shield yourself from claims to your hard-earned assets
CS&P: Professional Global Asset Protection Services
With years of experience in the field and extensive expertise in global asset protection services, CS&P offers a winning combination of protection techniques for private individuals, corporate clients and international organizations:
- Tailored comprehensive approach for every client
- In-depth knowledge of local and international laws, taking into the consideration all the possible scenarios, needs and gaps in your unique situation
- Provision of administrative and management services for your funds and assets
- Comprehensive asset protection plan and careful evaluation before an asset purchase
- Legal and effective solutions to minimizing tax liability that protect your confidentiality in high-standing jurisdictions
- Complete strategy for individual, global and corporate clients along with execution
Plan your strategy with CS&P International Asset Protection Services
- Asset protection strategies planning
- Solutions in offshore jurisdictions
- Asset protection trusts
- Private foundations
CS&P is dedicated to providing premier protective and preventive global asset protection services to ensure client’s stability, security and success. As your asset protection consultants, we:
- are in constant communication with you 24/7/365
- ensure efficient communication methods
- analyze your situation thoroughly
- craft the most appropriate solution and plan for protection of your assets
- work with you in the long term throughout the duration of the asset protection strategy
- pay careful attention to your confidentiality
- ensure that you are always able to communicate with your main contact at our company
- constantly adjust the strategy in place, as a response to rapidly changing international legal and business environments
- provide innovative and effective solutions to any new need that arises in the course of our work
What are the Benefits of Asset Protection Services?
The expression ‘by failing to prepare you are preparing to fail’ holds true when it comes to protecting your assets before anything unpredictable happens. Planning ahead of time is key to keeping your valuable assets safe and secure before any claims are made against you. There are a lot of benefits of asset protection services:
- Planning ahead will help you avoid the ‘fraudulent transfer’ law, which can reverse anything you try to attempt after the claim has been filed.
- Last minute asset protection planning can backfire if the claim has been filed. In some cases it is better to do nothing, than attempt last minute transfers if the claim has been filed. Thus it is best to secure yourself ahead of time. If you think that the worst thing that can happen is reversal on the grounds of fraudulent transfer then think again: you might be liable for more than that.
- Having well-protected assets can reduce the risk of being sued in the first place. Before taking the case, the lawyer will first determine whether you have something vulnerable worth taking. Proper asset protection planning can deem you not a valuable lawsuit target, thus preventing any potential lawsuits in the first place.
- Asset protection is an insurance for your insurance. Although professional insurance is necessary, it does not protect your assets from every possible scenario. Asset protection services will help you cover all the ‘gaps’ in your insurance plan.
- Asset protection strategy, when implemented thoroughly and in advance, is an ethical and legal form of wealth planning. Using legal tools to structure the financial assets in a way that is beneficial to an individual or a business is within the limits of the law.
- The main goal of asset protection services is to improve bargaining options, offer defense and protect your valuable assets in case the lawsuit will be filed, instead of having everything you own on the table.
- Avoid risks and unnecessary tax liabilities by having a comprehensive asset protection plan before purchasing any major assets for personal use or business.
International Asset Protection Planning: The Best Strategies
Asset protection planning is quite a complex field, which requires strategic planning, in-depth knowledge of the laws and extensive expertise being well-informed about both the design and defense of the plan.
There are many types and options when it comes to strategies. Some asset protection strategies are complex while some are quite simple. However, each case is unique and requires evaluation and custom-tailored approach, depending on the goal and situation.
The importance of asset protection planning and your options
Whether you are an individual or a business owner, it is important for you to consider asset protection. In today’s world, it is important to take steps to protect your assets from litigious parties. Lawsuits are increasingly common, and it is important that you take steps to place your assets out of the reach of potential judgment creditors. Asset protection may be completed either domestically or internationally, and it is important that you take the necessary steps long before you have a potential judgment creditor on your horizon.
What is asset protection planning?
Asset protection planning involves taking your assets and placing them out of the reach of potential vexatious litigants or other judgment creditors. This may be done by creating domestic or international trusts. Understanding which type is more appropriate for you or your business is important, and setting up the resulting trusts must be done in such a way that it comports with the requirements of the Internal Revenue Service and of foreign governments if you choose to establish an international asset protection trust.
Domestic vs. international asset protection
Domestic asset protection trusts are tools that you can use to protect your domestic assets from the reach of creditors. There are a number of U.S. states that allow the creation of domestic asset protection trusts, including:
- South Dakota
- Rhode Island
- New Hampshire
When domestic asset protection trusts are properly established in one of these states, the creditors will be unable to touch any of the assets that have been used to fund the trusts. Creditors will be unable to reach into the trust after a specified period of time has elapsed. In Nevada, for example, assets that have been owned by the domestic asset protection trust for two years or longer are beyond the reach of creditors.
Some individuals and businesses are better served by international asset protection trusts. Creditors around the U.S. have been challenging them, and some judges are allowing creditors to reach into these trusts in an effort to protect creditors’ rights. Foreign asset trusts are formed in other countries and are controlled by the laws in the countries in which they are created.
Benefits of foreign asset protection trusts
There are several benefits afforded by creating international asset protection trusts instead of domestic asset protection trusts. Some countries do not recognize judgments from U.S. courts, meaning that they do not give the decisions that are issued in the U.S. full faith and credit. By contrast, U.S. courts are required to recognize the judgments that are issued by courts located in other U.S. jurisdictions, meaning that it is possible for creditors to pierce the veil of protection that is created by the domestic protection trust. Foreign asset trusts also offer a higher degree of privacy than do those that are created within the U.S. Finally, if you establish an international asset protection trust and hold the assets contained in it offshore, they are less susceptible to seizures by your creditors. International asset protection plans also offer you diversification. If your lawsuit exposure risk exists within the U.S. only, a good international asset protection plan may allow you the ability to transfer your assets overseas in order to protect them quickly and legally.
Portable asset protection plans
It is possible to create a portable plan that starts in the U.S. but may later be transferred internationally. Portable plans may initially exist within the U.S. but have provisions included within them that legally allow you to transfer your assets offshore at a later date. If they are set up correctly by the consultants at CS&P, a triggering event such as a lawsuit can result in your being able to quickly transfer your assets to a foreign location in which they cannot be touched. The most popular countries for foreign asset protection trusts include Nevis, the Cook Islands and Belize because these three countries do not recognize U.S. court decisions.
Mistakes to avoid
Commonly, businesses and individuals do not think about asset protection until it is too late. They may wait until a lawsuit is already filed against them before they start trying to protect their assets. Plaintiffs may then argue that transfers that are made after the lawsuits are filed are fraudulent transfers. If courts rule that they were, then the defendants may be ordered to turn over the assets that they have transferred to the trusts. This makes it highly important to take the steps necessary to protect your assets before a lawsuit is ever filed. These trusts can also protect your foreign investments from the reach of creditors overseas in the countries in which you have them.
Choosing appropriate legal entity structures for protection
In addition to domestic and international asset protection trusts, it is important for you to understand the different types of legal entity structures that are available to you if you have your own business. If you are doing business as a sole proprietor and your company is sued, the creditors will be able to reach the assets of both your business as well as your own personal assets. At a minimum, choosing a limited liability company or limited liability partnership may help to protect your personal assets from creditors if your business is sued. S-corporations and C-corporations may offer added layers of protection. Your professional consultant at CS&P may review your business and recommend the most appropriate type of legal entity structure for your particular needs.
Asset protection planning is vitally important for both individuals and businesses. It can be effective in shielding your assets from litigants, creditors
Offshore Asset Protection
Offshore asset protection is all about protecting someone’s assets outside of his home country. It can also mean assets held inside his home country are not owned by him anymore but by a legal entity registered in another country. That’s where the term “offshore” means, away from home.
Why Offshore Asset Protection Is So Important?
Protecting one’s assets offshore is a legal strategy used by thousands of people around the world. The benefits include lawsuit protection. That’s right, protecting assets which include real estate, vehicles, antiques, art work, cash, jewelry, securities, commodities, and other valuable personal properties from civil lawsuits. When someone is negligent or gets into an accident that is his fault resulting in death, injuries, or property damages he can be sued in a civil court of law with a large money judgment being made against him. This can run into millions of dollars depending upon the severity of the injury or damage. Everything he owns is subject to seizure by the injured parties to pay for their monetary judgment. Global asset protection eliminates ownership of these assets which keeps them away from the former owner’s creditors. If you no longer own something creditors can’t seize it. The strategy is to strip the person of everything he owns making him worthless to go after because it will be a waste of time and money. Plaintiffs’ lawyers won’t get paid until they can collect the money judgments because most operate on what is called a “contingency” fee arrangement. That means if he doesn’t find and seize the defendant’s assets he won’t get paid. A debtor who owns nothing is nothing more than a poor pauper making him judgment proof because there is nothing to seize to satisfy the judgment. That is why offshore asset protection is so important in these days of lawsuit crazy societies.
Another benefit is assets can be anonymously owned offering complete privacy to the owner. Some people value their privacy especially when it comes to their financial affairs and will gladly pay for such a system.
Offshore asset protection also offers the benefit of paying lower taxes or no taxes at all. That’s because this strategy spreads ownership on income producing assets amongst several offshore corporations, offshore foundations, or offshore trusts. Some countries tax income on a sliding scale whereby if one entity only earns a small income its tax liability would be less than accumulating all of the assets in one person or one entity creating a higher tax bracket. Spread the wealth and lower each entity’s tax bracket. Elimination of all income and corporation taxes can also be accomplished. The use of entities in totally tax free countries to own all of the income producing assets results in no taxes. To pay for setting up an offshore asset protection plan usually results in tax savings far beyond the set up costs.
Offshore Asset Protection Strategies
There are several structures that can be used for protecting assets. For example, an offshore asset protection trust (APT) can provide a high level of security for personal assets. Those who most benefit from an APT include persons in high-risk occupations (such as physicians and lawyers), business vendors (particularly those close to retirement), those with a high wealth profile, directors of public companies, and almost anyone who has saved a significant nest egg for their retirement.