Important reminders when protecting your assets

While there are many strategies to protect your assets, the most effective method will depend on several factors. Scott Tominaga shares some of the most common and effective methods of protecting your assets below:

1. Titling Your Assets in Someone Else's Name

You can shield your assets from creditors and other potential legal liabilities by titling your assets in someone else's name. The downside to this measure is that you will not have direct control over the assets, so choosing a trusted individual or entity to hold them for you is crucial.

2. Placing Your Assets Into a Trust

Placing your assets into a trust can be an effective way to keep them out of the reach of creditors. It is always wise and practical to ensure that the trust is structured correctly and funded so that your assets are truly protected.

3. Creating a Limited Liability Company (LLC)

A Limited Liability Company can protect your assets from the debts and liabilities of the business. Scott Tominaga notes that you will still be personally liable for any debts and liabilities incurred by the LLC.

4. Offshore Asset Protection

One of the most effective methods of asset protection is to hold your assets offshore in a jurisdiction with strong asset protection laws. This has been proven throughout modern history as an excellent way to keep assets out of the reach of creditors. However, you must comply with all applicable laws and regulations when you do this.

5. Purchasing Insurance

Insurance can be a helpful tool for asset protection. You can protect your assets from many risks by purchasing adequate insurance coverage, including liability, property, and even litigation risks.

Scott Tominaga notes that asset protection can be a complex subject with the different tools available. The best way to determine which method is suitable for you is to speak with an experienced asset protection attorney who can help you assess your specific situation and needs.

Chief Operating Officer of PartnersAdmin LLC Scott Tominaga has discussed several pertinent topics regarding the finance industry. Access his previous posts here.