How to Engage in Asset Protection Planning in 2017
See Neel Shah & Rohit Vyas discuss hot to protect your assets in 2017 on TV Asia’s “You & Your Taxes” (Airdate: February 2017)
Asset protection is a type of planning intended to protect one’s assets from creditor claims & implementing strategies for guarding one’s wealth. .Individuals and business entities use asset protection techniques to limit creditors’ access to certain valuable assets, while operating within the bounds of debtor-creditor law.
Asset protection helps insulate assets in a legal manner – without engaging in the illegal practices of concealment (hiding of the assets), contempt, fraudulent conveyances or transfer, tax evasion or bankruptcy fraud.
Asset protection begins before a claim or liability occurs, since it is usually too late to initiate any worthwhile protection after the fact. Some common methods for asset protection include asset protection trusts, LLCs and family limited partnerships.