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The concept of asset protection consists of different strategies, techniques, means and use of tools to protect your assets or property from being seized or later claimed by creditors. Asset protection can be used by individual persons or corporations to legally and lawfully prevent, control or limit a creditor’s access to certain property.
It is important to distinguish asset protection, which is achieved through legal means, from illegal practices which would, unlawfully but consequently, result in the “protection” of your assets from creditors or claimants (e.g. fraud, tax fraud, concealment, fraudulent statements and declarations under oath…etc.).
To the contrary, asset protection consists of the analysis and inventive thinking of an attorney or professional to produce strategies which will help a person to protect his or her assets from creditors with the use of readily available legal techniques. At all times, your experienced or specialized asset protection attorney will be mindful of creditor-debtor laws that apply to your personal situation. In particular, he will identify your best ways to protect your assets in your position of debtor, as stated by law. For example, one may ensure that his or her property is jointly held to prevent the personal creditors of one of the joint holders from seizing said jointly held property. Often, real property offers various means to obtain a solid asset protection from creditors.
The attorney who will assist you in the scheduled protection of your assets will analyze your needs, the potential creditor claims you are fearing for the future, your assets and available legal tools.
It is important to note that asset protection will not protect you and your property against any creditor claim. It is rather a tool to maximize the security of your assets.