Most people are familiar with the basic idea that asset protection planning helps them accomplish the goal of shielding some or all of their assets from creditors. There are other benefits associated with going through this process, however, the biggest of which is financial privacy. Using simple legal vehicles to protect your assets is a great way to retain privacy of ownership of these assets. Many forms of wealth like real property can be owned privately, therefore reducing what others perceive as your visible net worth. This can help to minimize the chances of a predatory lawsuit going after your individual assets.
As an example, when a lawyer reviews a case to determine potential damages, usually he or she will look through a public records search to analyze what assets are available that could be liquidated in order to satisfy a judgement. When it is difficult or impossible to find assets tied to an individual’s name, the chances of that lawyer ultimately agreeing to take on the case are much less reduced.
In this way, asset protection planning not only helps to shield your assets in the event that a lawsuit is initiated, but it also discourages predatory individuals and other attorneys from beginning cases against you. These are just a few of the benefits associated with comprehensive asset protection planning. Consulting with a knowledgeable New Jersey asset protection planning attorney can help you accomplish many of your goals.