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Top 10 Misconceptions on Asset Protection Planning

After many years of answering asset protection questions from the public, I’ve come across a number of common misconceptions on the subject. I’ve compiled a Top 10 List of these common misconceptions and I’d like to share them with you.

I’ll wait until someone threatens me with a lawsuit – This is probably the most common mistake. When a lawsuit has been filed or is expected, it is too late. No asset protection plan will work. The judge will most likely rule that any structures created or assets transferred after the fact as fraudulent. An asset protection plan has to be put in place long before the threat of a lawsuit to be effective. It’s like life insurance. When you are lying in the intensive care unit in the hospital, you can’t buy a life insurance policy. You have to plan ahead.

No one will sue me – You better think twice on your exposure. With over 19 million lawsuits filed each year in the U.S., just about everyone with assets is at risk of a lawsuit. According to the American Bar Association, there are close to 700,000 lawyers in practice in America. That’s one lawyer for every 400 men, women and children! Many of these lawyers make a living solely on suing others for part of the winnings. So, if you own a business or practice a profession you have a one in three chance of being named in a lawsuit THIS YEAR! Do you want to win or lose in this lawsuit lottery?

I don’t 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. Someone with a $ 3 million net worth can probably absorb $ 250,000 of loss from a lawsuit but someone with a $ 200,000 net worth can ill afford the same loss.

Only a lawyer can help me do this – Lawyers are knowledgeable on a number of subjects but asset protection is not usually one of them. Asset protection is not taught in law schools and most lawyers have not even traveled overseas. Therefore, unless a lawyer has a great deal of experience in collection or offshore planning, he/she is almost as clueless as the general public on this subject. As a matter of fact, many attorneys, knowing their lack of experience in asset protection, actually refer clients to Asset Protection Consulting Group to take advantage of our expertise.

A trust is what I need for asset protection – Many people have been told that trusts can provide all the asset protection necessary. Well, they are wrong. trusts are primarily estate planning tools. They do not provide asset protection in most cases. There have been too many cases where trusts were busted by lawsuits and assets were lost. So they are unreliable as asset protection tools.

I will just transfer my assets 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 assets when you want them back. Worst yet, they can be sued for their own liabilities such as a car accident and your assets are therefore exposed to their lawsuits as well as yours. Transferring assets to relatives is no protection at all and increases your risks of losing them.

It costs a lot of money to set up an asset protection plan – This is true when you talk to a high priced attorney and he recommends forming very complicated entity structures and asks for upwards of $ 25,000 to $ 50,0000. Affordable asset protection planning can be done with very experienced asset protection experts using simple but battle-tested strategies and entities that cost only a few thousand dollars.

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, every one would be doing it! Therefore, if anyone tells you that you can avoid paying taxes with an offshore corporation or trust, etc. run the other way!

Offshore planning is too risky – Offshore planning is not risky if you do it properly. Now there are many illegal schemes out there so you need to do your due diligence before you entrust your money to someone. Not everyone needs offshore planning. However, for those with high net worth, taking your assets out of the jurisdiction of the United States provides you with maximum protection from judgments handed down by U.S. courts. Most asset protection firms have no offshore planning experience, so using one that does is paramount to an effective asset protection plan.

This can’t be legal. The government will go after me if I do this – The U.S. Constitution guarantees every citizen the rights of liberty and the pursuit of happiness. Setting up an asset protection plan is perfectly within these rights. We have never heard of anyone getting into trouble with the government for setting up an asset protection plan as long as it is not used to illegally evade taxes. Hiding gold bars in the ground is a form of asset protection even tough it might be a bit primitive. It is perfectly legal, isn’t it? So why wouldn’t an asset protection plan using Nevada or offshore corporations to make your assets invisible be legal?

Whatever you do to protect your assets, it must be done long before any legal problems surface. So get moving before your hard-earned assets are threatened.

How to Obtain Second Passport in Just One Click

Passport is a document that allows the people to pass or to go anywhere, it is issued by a national government for the purpose of international travel, and also to detect the identity and its nationality of its holders. Its elements of identity can be classified through date of birth, gender, place of birth and typically requiring the nationality.

In obtaining second passport is much easy than the first one. Typically obtaining second passport is useful for travelers, especially when they are traveling in other country. Thus, second passport also allows you to apply certain foreign visas without limit the travel. Certainly this is limited only for 2 years and you have to renew it again. Here are some guides on how to obtain a Second passport easier than the first one:

Make sure that your current passport will be applicable for more than a year after the date you are applying for your second passport. Make a wise decision whether you want to submit your second passport personally or you will use a specialist company.

Then if you decide to apply your own passport, complete the passport application form. Make sure that the form has a bar code before signing and dating it. The visa application will warn if the applications have no barcode that might be delayed. You must complete your statement in support of a second passport application to make sure that you sign and date the documents.

You need to write a short letter in explaining why you need a second passport, which include your travel itinerary or if the trip is for business only, the letter must have a statement why it is necessary for you to have a second passport. And then submit your letter, signed with statement, DS-82 form, two passport photos and your recent passport, as well as the processing fee. The forms and the documents must be sent to the address listed on the DS-82 form. In addition if your name is change or your passport is loss you need to have a replacement. At some points this guidelines can give you certain information regarding on to obtain a second passport.

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Anonymous Surfing Can Protect Your Privacy

Anytime you surf the Internet or chat with your friends, or even when you try to do your shopping and banking online, your actions will be logged on your browser and personal surfing history. That means that as your browse around, website owners will be able to monitor and track your surfing habits, which can lead to spam and other, more serious, problems.

The fact is that as you browse the Internet, your activities will be tracked in different ways. Others, like marketers or government entities will be able to see your actions and act on them accordingly. Is this something you feel comfortable about? Are you totally sure that this information will only be used in positive ways?

One solution that many people are turning to these days is anonymous surfing programs. These applications will protect you from sites that collect this information, which make them a great way to protect your privacy.

There two basic types of anonymous surfing programs, one is web-based and the other is downloaded right onto your computer. The better option is probably the software that you install on your own machine because web-based solutions don’t provide any SSL or SSH encryption to protect your personal information that may be required on a site. An application on your own computer, however, will be able to do this.

A web-based anonymity is a good option for more casual Internet users. It is free and will cover you if you only use it a couple hours a day, but if you need something a little more serious, the online option isn’t going to work for you.

For the more serious users, a program that you install is going to be a better choice. This will allow you to do your anonymous surfing with full privacy and security. The simplest way to do this is to buy a program and install it on your computer yourself, and then you won’t have to rely on web-based solutions.

There are a lot of valid concerns when it comes to doing business on the Internet. If you’re looking for a way to protect yourself and your personal information safe, anonymous surfing is the way to go. If you get a good program installed on the system, you’ll be able to protect yourself from unethical marketers and the threat of identity theft.

Anonymous surfing solutions that you install on your computer will be more useful, in the long run, than the free website services. There are a lot of threats on the Internet, and you probably already have protection against viruses and spyware, so why not go the extra step and protect yourself even more from people who would use your information to get gain?

Protect Your Identity With Anonymous Surfing

There are a lot of people surfing the Internet everyday that are looking for new anonymous surfing tools that will allow them to protect their identity while the browse around. There are some web-based applications available that will let you surf without disclosing your personal IP address, called web anonymizers, but there are some limitations that come with them.

One other options for anonymous surfing are the various commercial applications. These are programs that are installed directly onto your computer to protect you while you surf, chat, or email. If you need a more powerful system that can protect you in a variety of circumstances, this may be the most ideal solution.

Web-based anonymizers are simple, but they won’t let you do any of your online banking or shopping. The reason is that they don’t offer you any SSL or SSH encryption, which is necessary to perform transactions on most websites. Internet chatting won’t be covered, either. That is simply beyond the functionality of these applications.

If you are just a casual Internet user that doesn’t spend a lot of time online, a web-based program may be the best choice for you. It will disguise your personal IP address and let you surf anonymously without having to install a new program on your computer.

All you have to do to use these programs is visit the anonymizer’s website. From that site all you have to do is type in the URL for your destination site and then let the site take over. It will redirect you to the site you wish to visit, but that site will only register the IP address of the anonymizer. This is very simple to do, but it can be time consuming if you use the application to visit numerous sites.

If you’re looking for a more sure way to protect your identity and start anonymous surfing, chatting, and emailing, you should start to think about a commercial application. This will also allow you surf anonymously and still conduct your various online transactions.

These programs are most useful for more serious web surfers and are useful if you want to do more than just browse privately. This is also a great way to protect yourself from identity theft. Since these programs are installed directly onto your computer it can protect you over a range of activities, from online banking to emailing.

Many people are already paying for services to protect their computers from viruses and other damaging programs. It’s only common sense to go a step further and do what you can to protect yourself from identity theft. Anonymous surfing is the first step to keeping your information private.