Is Offshore Asset Protection Sensible?
People who want to discover what offshore asset protection means are one step ahead of the rest. They are on the right path to equipping and preventing themselves from potential disaster. Essentially asset protection is about securing ones assets in case of litigation. Asset protection comes in various forms but one very popular form of asset protection is offshore asset protection.
Offshore asset protection is an asset protection scheme where the assets of an individual are duly protected by registering the said assets in an offshore jurisdiction beyond the legal reach of individuals who may want to profit from what you own by suing you for your assets. If you’re thinking divorce and malpractice litigation, you’re spot on with some of the most popular reasons for asset protection. By securing your assets offshore, you keep them beyond the legal reach of lawsuits which are instigated in other countries such as your own. It is not uncommon for individuals to register valuable property such as a yacht under the auspices of a Panama Corporation and have the vessel fly the flag of the same country.
Despite the benefits of offshore asset protection, it simply doesn’t make sense to have every aspect of your financial life tied to an offshore corporation somewhere in the Caribbean. Assets that are usually protected using such means are assets of certain immense value. When we talk of immense value we keep our definition restricted to effects such as artwork, vessels, planes, real estate property and other such assets. Incorporating an offshore company and transferring such assets through legal means to businesses or trusts usually means protection from litigation to large extents. You can easily register a yacht to an offshore corporation with nominee directors (directors who stand on the board representing someone, in this case you). Nominee directors are bound by the law in offshore jurisdictions not to reveal the identities of those they represent. If you intend to use your yacht you may easily “lend” the yacht from the corporation under certain agreements.
Considering the huge amounts of lawsuits people face on a daily basis, offshore asset protection has become a necessary step in protecting and securing all that you own from litigation. One judgment can cost you everything that you have and these items may be disbursed for a whole lot less than their original values when all is said and done. You definitely don’t want to be on the losing end. You can visit http://www.asset-protection-tips.com to get more information on asset protection.
Offshore asset protection may look somewhat shady but looking like something shady is only due to the images that James Bond movies connote of evildoers stashing their wealth far beyond the reach of others. Do you really want to lose all that you own because some greedy person’s lawyer swayed the court the right way and the legal case ended with the court deciding to go after your property. Success is constantly hunted by Envy and wealth is an indicator of success. If you fail to protect what you own, other people will try their ultimate best to take it from you and the chances are they will succeed.
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