If you are a business owner with a considerable amount of asset, you should safeguard it. You don’t want to be faced with a lawsuit and be on the losing end. Don’t expect the court or creditors to go soft on you; protect your assets while you still have control over them. Many business owners have had to sell off profit-making businesses and even their own residences once they’ve found themselves defeated in litigation. Dominique Grubisa and DG Institute advise you to engage in asset protection to save yourself from avoidable financial losses and hardships.
You do not need to be a business owner to fear your assets being seized by litigants or the government. You could be a guarantor, a property owner or generally a well-to-do person, and it would be ample reason for your assets to be targeted when posed a legal threat.
What is asset protection?
Dominique Grubisa and her DG Institute helps protect your assets by placing safeguards against unsecured creditors. Potentially anything of value that you may want to preserve for yourself or your family can be classified as an asset. It may include:
- Investment and bank accounts
- Intellectual property
- Art collectables
- Investment properties
Why is asset protection important? DG Institute tells it like it is
No businessman expects to lose litigation. But accidents happen. It is best to be prepared for such accidents to not have to subject oneself to a lifetime of debt trying to settle a legal claim.
Dominic Grubisa has years of experience in asset protection and believes individuals should seriously consider asset protection and educate themselves about the need for the same.
The idea that one needs to have significant wealth in order to hire an asset protection attorney is false. No matter what your level of affluence, asset protection can help you.
If you are a young entrepreneur, asset protection can help you protect your existing assets from your next business venture. A retiree can safeguard their assets to pass down to their grandchildren with the help of asset protection. Celebrities can use asset protection to keep their property investments across the globe in order. Similarly, if you’re worried about your medical bills, you can engage an asset protection attorney to secure your home.
You should especially think of asset protection if:
• Your profession entails a high degree of liability. For example, you are a real-estate investor, a lawyer, a doctor, a real-estate developer and so on.
• You are either a debtor or a guarantor.
• You are at risk of a government or tax-related liability.
• You are either getting married or divorced.
• You have come into a lot of sudden wealth, planned or unforeseen in the form of an inheritance/successful business endeavour/investment.
• You currently have or about to have a lawsuit filed against your name.
• You are worried about new business laws that may impact how you run your business.
• You suspect the viability of your business.
How you can protect your assets
Asset protection may be domestic or offshore in nature. Domestic asset protection is most beneficial for individuals who do not have any current legal claim against them. It is an effective way to protect the real estate. Certain asset protection strategies can implement tax minimisation and yield estate planning benefits.
How does one go about offshore asset protection? Well, in this mode, you transfer your assets to a corporation and trust in a foreign company with a stable economy and legal structure. If an experienced attorney enables offshore asset protection for you, you can heave a sigh of relief that your asset will be protected from any legal liability. All you need to ensure is that the asset transfer is carried out in compliance with I.R.S rules and regulations which oversee the control of foreign assets.
Precautionary measures for business owners
Business owners are often most at risk of losing their assets as they incur greater sources of debt and potential liability. A business owner can take the following steps to reduce their liability for asset loss:
- They should exercise caution while hiring new employees
- They should ideally avoid high-risk investments
- They should try not to loan cars, boats and other such accident-prone vehicles to others
- Similarly, they shouldn’t go for joint ownership of the same
- Business owners should employ indemnification language in all contracts possible
Asset protection is worth considering for any business/property/asset owner. DG Institute stresses the importance of safeguarding your assets and offers services to that effect.